Latest news with #E.J.Antoni
Yahoo
11 hours ago
- Business
- Yahoo
Trump's BLS Pick Calls For Suspension Of Monthly Jobs Report: Data 'Needs To Be Fixed Immediately'
E.J. Antoni, the economist tapped by President Donald Trump to lead the Bureau of Labor Statistics and an architect of the Heritage Foundation's Project 2025, suggested the agency should suspend monthly jobs reports in a Tuesday television appearance. Antoni appeared on Fox Business Tuesday morning to discuss Trump's lack of confidence in the Bureau's monthly job data. 'How on earth are businesses supposed to plan – or how is the Fed supposed to conduct monetary policy – when they don't know how many jobs are being added or lost in our economy? It's a serious problem that needs to be fixed immediately,' Antoni told FOX Business. Suspending Job Reports: A Risky Proposition Trump nominated Antoni to the position after his unprecedented firing of former BLS Chief, Erika McEntarfer, on Aug. 1. The Bureau's July jobs report showed nonfarm payrolls rising by 73,000, far below economists' estimates of 110,000. The report also included a revision of May and June's tallies, down by over 100,000 each. Similar revisions were observed during the Biden Administration. 'Until it is corrected, the BLS should suspend issuing the monthly job reports but keep publishing the more accurate, though less timely, quarterly data,' Antoni added. 'Major decision-makers from Wall Street to D.C. rely on these numbers, and a lack of confidence in the data has far-reaching consequences.' Can Data Integrity Survive Political Pressure? Trump called the jobs report 'rigged' and 'fake' following his firing of McEntarfer. Top economists dismissed Trump and Antoni's insinuations and reiterated that attempts to erode the independence of reporting agencies could sow distrust in markets. '[Suspending monthly jobs reports] would [be] a serious mistake in my estimation. It would only fuel critiques of a politicization of job market data and likely result in volatility across asset classes,' RSM US chief economist Joe Brusuelas told Axios. Withholding or fabricating economic data is a common practice observed in many authoritarian regimes, such as the Soviet Union during the 1980s. The Dangers Of Distrust In Economic Data University of Michigan professor Justin Wolfers described Antoni as unqualified for the position in a post on X. 'Antoni finished grad school 5 years ago at Northern Illinois with no obvious distinction, his dissertation is meh, and involved no research on labor markets or data collection, he has never published a paper, and his life's work has earned 1 citation,' Wolfers said. 'This record would be insufficient to earn a job as a junior staffer at BLS.' Also Read:Photo: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Trump's BLS Pick Calls For Suspension Of Monthly Jobs Report: Data 'Needs To Be Fixed Immediately' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
11 hours ago
- Business
- Yahoo
Trump's BLS Pick Calls For Suspension Of Monthly Jobs Report: Data 'Needs To Be Fixed Immediately'
E.J. Antoni, the economist tapped by President Donald Trump to lead the Bureau of Labor Statistics and an architect of the Heritage Foundation's Project 2025, suggested the agency should suspend monthly jobs reports in a Tuesday television appearance. Antoni appeared on Fox Business Tuesday morning to discuss Trump's lack of confidence in the Bureau's monthly job data. 'How on earth are businesses supposed to plan – or how is the Fed supposed to conduct monetary policy – when they don't know how many jobs are being added or lost in our economy? It's a serious problem that needs to be fixed immediately,' Antoni told FOX Business. Suspending Job Reports: A Risky Proposition Trump nominated Antoni to the position after his unprecedented firing of former BLS Chief, Erika McEntarfer, on Aug. 1. The Bureau's July jobs report showed nonfarm payrolls rising by 73,000, far below economists' estimates of 110,000. The report also included a revision of May and June's tallies, down by over 100,000 each. Similar revisions were observed during the Biden Administration. 'Until it is corrected, the BLS should suspend issuing the monthly job reports but keep publishing the more accurate, though less timely, quarterly data,' Antoni added. 'Major decision-makers from Wall Street to D.C. rely on these numbers, and a lack of confidence in the data has far-reaching consequences.' Can Data Integrity Survive Political Pressure? Trump called the jobs report 'rigged' and 'fake' following his firing of McEntarfer. Top economists dismissed Trump and Antoni's insinuations and reiterated that attempts to erode the independence of reporting agencies could sow distrust in markets. '[Suspending monthly jobs reports] would [be] a serious mistake in my estimation. It would only fuel critiques of a politicization of job market data and likely result in volatility across asset classes,' RSM US chief economist Joe Brusuelas told Axios. Withholding or fabricating economic data is a common practice observed in many authoritarian regimes, such as the Soviet Union during the 1980s. The Dangers Of Distrust In Economic Data University of Michigan professor Justin Wolfers described Antoni as unqualified for the position in a post on X. 'Antoni finished grad school 5 years ago at Northern Illinois with no obvious distinction, his dissertation is meh, and involved no research on labor markets or data collection, he has never published a paper, and his life's work has earned 1 citation,' Wolfers said. 'This record would be insufficient to earn a job as a junior staffer at BLS.' Also Read:Photo: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Trump's BLS Pick Calls For Suspension Of Monthly Jobs Report: Data 'Needs To Be Fixed Immediately' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
19 hours ago
- Business
- Yahoo
Trump names new BLS head after firing old commissioner amid weak jobs report
Washington — President Trump announced E.J. Antoni as his nominee to lead the Bureau of Labor Statistics on Monday, after he fired the former commissioner earlier this month, blaming her for a weaker-than-expected jobs report. Antoni is a fellow at the conservative Heritage Foundation think tank, and he holds a doctorate in economics from Northern Illinois University. He's defended Mr. Trump's economic policy moves in the past, including the president's tariff strategy. He has also criticized the BLS for low response rates and questioned the agency's methodology, calling its health insurance figures "phoney baloney" last year and at one point joking that "the 'L' is silent" in BLS' name. "DOGE needs to take a chainsaw to the BLS...," he wrote in a November post on X. "There are better ways to collect, process, and disseminate data—that is the task for the next BLS commissioner, and only consistent delivery of accurate data in a timely manner will rebuild the trust that has been lost over the last several years," he wrote shortly after Mr. Trump fired the former BLS chief. Mr. Trump nominated Antoni in a Truth Social post, saying he "will ensure that the Numbers released are HONEST and ACCURATE." Antoni will need to be confirmed by the Senate. The Bureau of Labor Statistics is currently led by acting Commissioner William Watrowski, who has worked at the agency for decades. Mr. Trump ordered his administration to terminate Erika McEntarfer, who had been commissioner of labor statistics, on Aug. 1, hours after the release of the July jobs report data. That report showed a sharp slowdown in hiring, along with a steep downward revision to May and June's hiring numbers. Hours before her firing, Antoni criticized BLS for "data problems" and a trend of "highly problematic" revisions, though he also touted some figures in the July jobs report, including a jump in employment by native-born Americans and a slowdown in government jobs. In the wake of McEntarfer's firing, influential ex-Trump strategist Steve Bannon backed Antoni to take over the BLS. Antoni appeared on Bannon's show "War Room" on the day the jobs report came out, calling McEntarfer "incompetent." Days later, Bannon said "we're pushing" for Antoni to lead the BLS, and called him "the guy that almost single-handedly took it down by going through their numbers." Announcing McEntarfer's firing in a post on Truth Social, the president claimed — without evidence — that she had "faked the Jobs Numbers before the Election to try and boost Kamala's chances of Victory" and pledged to replace her "with someone much more competent and qualified." But Harvard economics professor Jason Furman, a head of the Council of Economic Advisers under former President Barack Obama, was sharply critical of the selection of Antoni, saying on X that, "I don't think I have ever publicly criticized any Presidential nominee before. But E.J. Antoni is completely unqualified to be BLS Commissioner. He is an extreme partisan and does not have any relevant expertise. He would be a break from decades of nonpartisan technocrats." Jessica Riedl, an economist at the conservative Manhattan Institute, said on X that she's "never met EJ Antoni because he is not seen in many DC policy circles. However, the articles and tweets I've seen him publish are probably the most error-filled of any think tank economist right now. I hope we see better at BLS." The jobs report for October 2024, which was released on Nov. 1, 2024, four days before Election Day, showed just 12,000 jobs were created — far short of the 100,000 forecast for the month — following two hurricanes and a major labor dispute. The following month, that figure was revised upward, to 36,000. September's jobs report, however, dramatically exceeded forecasts — 254,000 jobs were created, rather than the 140,000 economic analysts had expected. That figure was later revised down to 223,000. Mr. Trump continued railing against the ousted commissioner and the BLS more broadly in the days after he fired her, claiming in a post on Truth Social last week that the July jobs report had been "RIGGED," though he provided no evidence to support it. The president said on CNBC's "Squawk Box" Tuesday that it's a "highly political situation." And National Economic Council Director Kevin Hassett defended the president's decision in an appearance on NBC's "Meet the Press," citing a series of revisions and patterns that "could make people wonder." "What we need is a fresh set of eyes over at the BLS," Hassett said, adding that "the president wants his own people there so that when we see the numbers they're more transparent and more reliable." McEntarfer had been commissioner for a little over a year and a half, after she was confirmed in a broad bipartisan vote of 86 to 8 by the Senate in January 2024. The latest jobs report showed employers in July adding a weaker-than-expected 73,000 jobs, with a downward revision of 258,000 fewer jobs created in May and June. Mr. Trump, who often touts the job numbers, called the jobs figures a "shock" and the revision a "major mistake." The BLS said in its report that monthly revisions "result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors." U.S. Trade Representative Jamieson Greer acknowledged in an interview for "Face the Nation with Margaret Brennan" earlier this month that "there are always revisions," but he added that "sometimes you see these revisions go in really extreme ways.""The president is the president. He can choose who works in the executive branch," Greer said. Meanwhile, some economists and lawmakers have expressed concern over the firing, and a group of former BLS leaders warned that the move "undermines the valuable work and dedication of BLS staff" and "escalates the President's unprecedented attacks on the independence and integrity of the federal statistical system." The group called on Congress to investigate the firing. 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Wall Street Journal
a day ago
- Business
- Wall Street Journal
CPI Report Today: Dow Futures Edge Up Ahead of July Inflation Report — Live Updates
Markets are calm ahead of a consumer-price report that is expected to show inflation inched higher last month. Economists estimate inflation likely accelerated to a 2.8% annual rate as of July, or 3% on a core basis, according to a Wall Street Journal poll. The data, from the under-fire Bureau of Labor Statistics, is due at 8:30 a.m. ET. President Trump said late Monday he would nominate E.J. Antoni, a longtime critic of the Bureau of Labor Statistics, as the agency's new head. Also on Monday, Trump extended the deadline for higher tariffs on China to November, reassuring markets. He also said he had met with Intel CEO Lip-Bu Tan, after calling last week for Tan's removal over ties to Chinese businesses. Intel shares rose 2.7% in after-hours trading. In recent trading: Stock futures ground higher. Indexes edged lower Monday. Treasury yields inched upward. The 10-year yield reached 4.28%. The dollar weakened against the Swiss franc. European and Asian indexes rose. Japan's Nikkei 225 jumped 2.1% to a record high. Gold futures were little changed after sliding on Monday. Late yesterday, Trump said the metal would be exempt from tariffs.
UPI
a day ago
- Business
- UPI
Trump nominates Bureau of Labor Statistics critic to head agency
Economist E.J. Antoni appears with President Donald Trump in the White House. On Monday, Trump nominated him as commissioner of the Bureau of Labor Statistics. Photo by Donald Trump/Truth Social Aug. 11 (UPI) -- President Donald Trump on Monday nominated economist E.J. Antoni as commissioner of the Bureau of Labor Statistics, a non-partisan agency he has criticized. If confirmed by the U.S. Senate, the chief economist with the conservative Heritage Foundation would replace Erika McEntarfer, who was fired by Trump on Aug. 1, alleging that she had manipulated the jobs reports for three months. "I am pleased to announce that I am nominating Highly Respected Economist, Dr. E.J. Antoni, as the next Commissioner of the Bureau of Labor Statistics," Trump posted on Truth Social. "Our Economy is booming, and E.J. will ensure that the Numbers released are HONEST and ACCURATE. I know E.J. Antoni will do an incredible job in this new role. Congratulations E.J.!" Before the Heritage Foundation, he worked for the Texas Public Policy Commission. He holds master's and doctorate degrees in economics from Northern Illinois University. Last week, Antoni posted on X: "There are better ways to collect, process, and disseminate data -- that is the task for the next BLS commissioner, and only consistent delivery of accurate data in a timely manner will rebuild the trust that has been lost over the last several years." On Nov. 13, one week after Trump was elected again, he wrote on X: "DOGE needs to take a chainsaw to the BLS." Antoni had called for the firing of McEntarfer on Steve Bannon's podcast after the July jobs report was released. Later that day, she lost her job. "Last weeks Job's Report was RIGGED," Trump wrote on Truth Social, three days after the report came out. "Those big adjustments were made to cover up, and level out, the FAKE political numbers that were CONCOCTED in order to make a great Republican Success look less stellar!!!" Bannon, who was Trump's chief strategist for a portion of his first term, had advocated for hiring Antoni, who interviewed for the post, The Wall Street Journal on Sunday reported. Senate Republicans hold a 53-47 advantage and confirmation only requires 50 votes. In January 2024, McEntarfer was confirmed 86-8. "I don't think there's any grounds at all for this, for this firing, and it really hurts the statistical system," William Beach, who was nominated by Trump during his first term, said on CNN earlier this month. "Suppose that they get a new commissioner ... And they do a bad number. Well, everybody's going to think, 'well, it's not as bad as it probably really is,' because they're going to suspect political influence. So, this is damaging." The BLS distributes data that is used by agencies, including the Federal Reserve, and companies. Besides monthly jobs reports, BLS also provides data on occupations, including wages and job outlook. Consumer spending is also analyzed. The report showed 73,000 new jobs in July and unemployment rose to 4.2% from 4.1%, which was predicted and still historically low. But the previous two months were adjusted downward. May was revised from 144,000 jobs added to 19,000 jobs added, and June's revision went from 147,000 jobs added to 14,000, according to the Bureau of Labor Statistics' Employment Situation Summary. The BLS said that monthly revisions "result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors."
