Economic News

[nycfan]

 

[HeelInTheOzarks]

Crazy firing the stat person. I suppose everyone will know the true stats when they don't have a job.

Can't wait for every report to come from our version of Baghdad Bob.

 

[Duke Mu]

Trump staff keeps giving him facts, not alternative facts! Must be Brennan and Comey!

 

[nycfan]

FLASHBACK 2020:

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

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 …

 

[1moretimeagain]

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.

 

[CFordUNC]

 

[1moretimeagain]

 

[altmin]

FLASHBACK 2020:

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

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 …

“There must have been a moment, at the beginning, where we could have said -- no. But somehow we missed it.”

 

[JCTarheel82]

Cooking the books was an inevitability to cover for poor economic policy. I'm actually surprised the admin allowed today's data to be released in the first place. I thought they'd be more proactive in shielding Trump's ego.

 

[BlueSmoke]

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.

 

[chawkheel]

It's almost like tariffs and escalating trade wars against every industrialized country on the planet are bad for the US economy

 

[Wheels81]

Going forward, the economic statistics will be on a par with, “President Trump is 6’ 3” and 235 pounds.”

 

[ChileG]

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 (0.8%).

147k down to 14k is a drop of less than 1%?

 

[1moretimeagain]

147k down to 14k is a drop of less than 1%?

As a function of the total employment number, which is over 63 million. The +/- jobs number tells us how total employment changed during the month.

 

[Duke Mu]

Seriously, though, this would be the worst day in every presidential administration except Lincoln and FDR.

Prove me wrong.

Loading…

www.cnn.com

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.

Don't need no stinkin' facts!

 

[ChileG]

As a function of the total employment number, which is over 63 million. The +/- jobs number tells us how total employment changed during the month.

Gotcha.

 

[CFordUNC]

 

[CFordUNC]

 

[Oddball]

Saw that the Smithsonian removed Trump from the exhibit of presidents who have been impeached....

Not sure MAGAts would ever be able to comprehend how truly Soviet their movement is.

I actually believe in limited government-- which was always a tenet of Conservatives-- but Trump is the most activist, interventionist politician our country has ever seen and not even close.

There is no aspect of American lives that Trump does not want to dominate in FULL. And if the news is bad from that, remove the news and those providing those facts.

MAGAts will keep believing their dear leader bc that is what is overwhelmingly reinforced for them (rather Soviet style pro state media, isn't it?), but there will be enough people to realize they were played (hi Joe rogan) that this "movement" will stall.

Not saying Rogan et al will switch sides, but doubt they will carry MAGA water unchecked any longer

 

[UNCMSinLS]

I hate to say I told you so, but I told you so. I thought he was fooling with the numbers a couple of months ago when the ADP unemployment results were so different than what the government reported.

Everything Trump touches dies - RIP any reliable government statistic.