Under Joe Biden the numbers were frequently revised downward, (just like now) and at that time the allegation was “Revising downward helps the sitting president. The BLS releases the good new first and sneaks out the bad news later.”
The Fed reads this report and takes it very seriously If today’s report, revisions included, shows a weak jobs picture that makes them more likely to cut rates, which Donald Trump has been asking for.
Trump calls today’s bad jobs report “rigged” and says, “I’ll think you’ll see some very interesting information come out. You have to have honest reports.”
REPORTER: Why did you fire the head of the bureau of labor statistics?
“I talked to the president prior to this, and he said to quote them very clearly. They may have been phony in the past, but it’s very real now,” Spicer replied, prompting laughter from reporters in the room.
Well the good news for Donald Trump is that the total number of jobs has grown only 0.3% since Jan 1 there is a reasonable chance the Fed will cut rates at the September meeting.
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(No I do not think Trump was right to fire Dr. Erika McEntarfer.)
I am still of the mindset that we need to flush the misallocation out of the economy. (Rates should be higher for longer.) In fact I routinely call out Jerome Powell and the current FOMC for being too dovish.