Trump Fires BLS Chief After Jobs Report Sparks Market Turmoil and Fed Criticism

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2025-08-02 11:31:01

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July's jobs report sent shockwaves through financial markets, with only 73,000 new jobs added—far below the anticipated 104,000. The Bureau of Labor Statistics further rattled confidence by revising May and June figures downward by 258,000. President TRUMP responded swiftly, terminating BLS Commissioner Erika McEntarfer and alleging data manipulation for political gain.

The fallout extended to monetary policy, with Trump accusing Federal Reserve Chair Jerome Powell of interest rate manipulation to benefit Democrats. Wells Fargo economist Sarah House labeled the report "a dud," citing weakness across retail, manufacturing, and professional services. The unprecedented dismissal of a statistics chief raises concerns about institutional independence during an election year.

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