Economic News | Trump removes Fed Gov Cook

  • Thread starter Thread starter nycfan
  • Start date Start date
  • Replies: 3K
  • Views: 138K
  • Politics 
nycfan said:
Click to expand...

FLASHBACK 2020:

Trump on coronavirus: ‘If we stop testing right now, we’d have very few cases, if any’​


thehill.com

Trump on coronavirus: ‘If we stop testing right now, we’d have very few cases, if any’

President Trump on Monday downplayed concerns of a rising number of coronavirus cases in states across the country, indicating that the increase was due to more testing.”If we stop testing ri…
thehill.com

——
Seems like he is recycling this plan for unemployment and other economic data …

IMG_8468.jpeg
 
Perspective on the numbers - Even given the large downward revision of 133k, the June jobs total was only revised down by less than 1 percent.
 
Last edited:
nycfan said:
FLASHBACK 2020:

Trump on coronavirus: ‘If we stop testing right now, we’d have very few cases, if any’​


thehill.com

Trump on coronavirus: ‘If we stop testing right now, we’d have very few cases, if any’

President Trump on Monday downplayed concerns of a rising number of coronavirus cases in states across the country, indicating that the increase was due to more testing.”If we stop testing ri…
thehill.com

——
Seems like he is recycling this plan for unemployment and other economic data …

IMG_8468.jpeg
Click to expand...
“There must have been a moment, at the beginning, where we could have said -- no. But somehow we missed it.”
 
Would you sit down at a card table if you knew you couldn't trust the dealer? What business person would, knowing he couldn't trust the numbers Trump's government is putting out? You would think the stock market would not be happy.
 
lawtig02 said:
Seriously, though, this would be the worst day in every presidential administration except Lincoln and FDR.

Prove me wrong.


President Donald Trump has fired Dr. Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, whom he accused, without evidence, of manipulating the monthly jobs reports for “political purposes.”

The BLS’ monthly labor report Friday showed that the US economy added only 73,000 jobs in July, far below expectations. It also sharply revised down the employment growth that had been previously reported in May and June – by a combined 258,000 jobs.

After the revisions, the jobs report showed the weakest pace of hiring for any three-month period since the pandemic recession in 2020.

Although the May and June jobs numbers were worse than initially believed, revisions are normal in this process. The BLS’ initial monthly jobs estimates are often based on incomplete data, so they are revised twice after the initial report — followed by an annual revision every February. Additionally, BLS economists use a formula to smooth out jobs numbers for seasonal variations and that can exacerbate revisions when they fall outside economists’ expectations.

Trump on Friday incorrectly called the revisions a “mistake.”

“McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months,” Trump said on Truth Social. “Similar things happened in the first part of the year, always to the negative. The Economy is BOOMING under ‘TRUMP.’”

Trump said McEntarfer “faked” the jobs numbers before the election to try to boost former Vice President Kamala Harris’ chances in the 2024 presidential election.
Click to expand...
Don't need no stinkin' facts!
GxSq4fTW8AAJBeO.jpg
 
You must log in or register to reply here.
Back
Top