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OK folks- any government statistics are now only what Trump says they are. Good luck to everyone !Donald Trump has said he’s ordered the firing of Erika McEntarfer, the commissioner of the US Bureau of Labor Statistics, hours after data showed US employment growth was weaker than expected for the last few months.
McEntarfer was nominated by former president Joe Biden to serve in the role in 2023 and was confirmed by the US Senate the following year.
In a Truth Social post, Trump suggested (with no evidence) that the employment figures were inaccurate and insisted the US economy was booming under his administration.
“We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified,” Trump wrote.
The bureau released revised job stats today which showed the US economy added only 73,000 jobs in July, far lower than expected, amid ongoing concerns with Trump’s escalating trade war.
In the report, the BLS also slashed the number of jobs added in May, revising the figure down by 125,000, from 144,000 to only 19,000, and June, which was revised down by 133,000, from 147,000 to just 14,000 – a combined 258,000 fewer jobs than previously reported.
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Comments
I refuse to believe any reporting that this admin generates....which may well be the point of their shenanigans.
Hey, Dump....mission accomplished!
This bozo of a "leader" cannot grasp a situation of any complexity. He sees only one small piece of information and cannot grasp that it is an integral moving part that also governs the operation of many other pieces of moving machinery.
But this move is just one small piece of the "loyalist" plan to set up an authoritarian regime that does whatever he says.
We can't trust anything the US government says, does, writes, or releases these days.
Dictator-like tendencies, indeed.
“The single most important piece of news today is the BLS firing. If you can’t trust the data,
I don’t know how investors make decisions,” said Ajay Rajadhyaksha, global chair of research at Barclays.
Does anybody here seriously look at the most recent Bureau of Labor Statistics numbers before throwing $$ at this fund or that fund? Really? I couldn’t have told you what BLS stood for before today!
Maybe not too many here at MFO, but do you really believe that the Fed doesn't take a real hard look at those numbers in trying to understand the mechanics of the economy?
Do you really believe that the advisors of many mutual funds who need to decide what securities their mutual funds should buy or sell don't take a real hard look at those numbers?
Do you really think that if Trump can demand that BLS stats be cooked that we, and the entire financial world, can continue to believe any other government statistics, and make intelligent decisions based on nothing more than Trump's wishful thinking?
Trump's base instinct is to berate, fire, or sue any individual/institution
which has opposing views or provides information he detests.
Regardless if he has a firm understanding of the subject matter...
...And now, I'm reading this thread. Talk about a tin foil potentate! The US is worthy of precisely nobody's investment money, under the reign of the Orange Doink.
I like to think my money managers look at everything. But those investing outside the U.S. in places like Brazil, Mexico, Cambodia, Russia or China probably find other acceptable data sets knowing those government supplied numbers may not be accurate.
I was of course speaking only of BLS numbers. Greater challenges for investment firms would exist if all government data (inflation, housing starts, loan delinquencies, rental rates, mortgage applications, tax revenue and sources, crop yields, oil production, weather projections etc.) were corrupted.
Even if we truly became a third world country and no government data could ever be trusted, well funded financial entities (Blackrock, TRP, Fidelity, Goldman Sachs, KKR) could still access a trove of alternative data sources.
A bit from the linked Forbes piece:
”Early Alternative data sources consisted of credit card transactions, web scraped data, geolocation data from cell phones, satellite images and weather forecasts. Recent regulations such as GDPR, CCPA, and other privacy issues are creating concerns about some of these sources.
A new source of data rapidly gaining traction is data gathered directly from consumers in a scientific and privacy compliant manner. The data goes beyond a swiping of a card to the motivations and intentions of the consumer who uses the card. This type of data has been used to successfully predict sales, economic predictive signals such as recessions and future purchase intentions across categories and down to specific retailers.”-
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Please realize I am not defending Mr. Trump’s decision. It was wrong. I’m merely trying to assess the “other investing” implications for myself as an investor. I won’t be selling anything Monday morning. If the downward trend continues through next week, I’ll start buying.
More dangerous, the guy influencing economic policy in America is the same guy who managed to bankrupt his own casinos. (Most places would have to work really hard to do that!)
More dangerous, the guy influencing economic policy in America is the same guy who managed to bankrupt his own casinos. (Most places would have to work really hard to do that!) "
greetings from the 3rd world. turkey also had fired its head of stats after a much too truthful inflation report, which was obvious to anyone on the planet looking at public and black market currency exchange.
https://archive.ph/YJ5S0
i guess if you are permitted to stay alive in authoritarian regimes after doing math and science, its something.
if one feel this affects how you invest in america, one can join BLM Friends (for free) and\or send a message on their site supporting reinstatement of someone clearly more competent than a MAGA lackey.
https://www.friendsofbls.org/updates/2025/8/1/statement-on-commissioner-mcentarfers-removal
or continue enjoying gop's greatening of america until they come for your money. by hook, and literally, by crook.