The Excerpt Trump fires head of labor statistics bureau after weak jobs report
Aug 2, 2025
The podcast delves into the fallout from disappointing employment statistics in the U.S., including Trump's surprising decision to dismiss the head of the Bureau of Labor Statistics. It examines the negative market reactions to tariffs and discusses gold's resurgence as a stable investment amid economic uncertainty. Additionally, listeners get an intriguing peek into the New York Federal Reserve's gold vault, exploring its massive stash of gold bars and the security surrounding them. The debate on gold's enduring value versus the volatility of digital currencies adds an engaging twist.
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Weak July Job Growth Impact
- The U.S. added only 73,000 jobs in July, far below the expected 105,000.
- Weak job growth and tariff uncertainty are causing employer hesitation in hiring.
Firing of Labor Stats Chief
- President Trump fired the head of the Bureau of Labor Statistics, Erica McIntyre, accusing her of manipulating jobs data without evidence.
- His claims about data revisions and inflation of numbers are factually incorrect.
Tariffs Heighten Economic Uncertainty
- Trump imposed sweeping new tariffs set for August 7th but markets reacted negatively.
- Economists worry companies may pass tariff costs to consumers, increasing economic uncertainty.