Molly Smith, Bloomberg News Economics Editor, and Laura Martin, Senior Analyst at Needham & Company, dive into President Trump's recent plans to dismiss the head of the Bureau of Labor Statistics following dismal job growth figures. They discuss the implications of perceived political interference in economic data and its effects on public trust. The conversation also touches on the broader economic landscape, including market reactions to tech earnings and the Federal Reserve's evolving role amidst economic fluctuations.
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insights INSIGHT
BLS Independence Is Crucial
The Bureau of Labor Statistics (BLS) is a nonpartisan, independent agency vital for trustworthy U.S. economic data.
Firing its head could erode market and public trust in the jobs report.
insights INSIGHT
Jobs Data Not Manipulated
President Trump’s claim that jobs numbers were rigged lacks evidence and misunderstands data revisions.
Budget cuts and staffing issues have hampered, not manipulated, BLS data collection.
insights INSIGHT
Trust Central to Market Stability
U.S. jobs data is the global gold standard respected for broad accuracy and nonpolitical nature.
Any sense of manipulation would alarm traders and disrupt trust in U.S. markets.
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President Donald Trump said he was directing officials to fire Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, hours after a report showed US job growth cooled sharply over the last three months.
“I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY,” Trump said on social media Friday, accusing her, without evidence, of politicizing the jobs report. “She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can’t be manipulated for political purposes.”
Friday’s jobs report from the BLS showed payrolls increased 73,000 in July after the prior two months were revised down by nearly 260,000. In the past three months, employment growth has averaged a paltry 35,000 — the worst since the pandemic.
BLS didn’t immediately respond to a request seeking comment. Former President Joe Biden nominated McEntarfer to head the statistical agency in 2023. She was confirmed in January of 2024, an election year, by a vote of 86-8, with then-Senator JD Vance voting “yea.”
Today's show features:
Bloomberg News Economic Editor Molly Smith and Bloomberg News Senior Editor, Equities Americas Eric Weiner on the week in markets, and President Donald Trump's move to fire the head of the Bureau of Labor Statistics
Bloomberg Intelligence Senior Defense Analyst Wayne Sanders on heightened tensions between the United States and Russia
Laura Martin, Senior Analyst at Needham & Company on this week's earnings from Apple, Meta and Amazon
Dr. Ellen Wald, President of Transversal Consulting and Senior Fellow at the Atlantic Council, on earnings from Exxon and Chevron, and the global energy trade
Bloomberg Businessweek 
