The American economy has become cold, and Donald Trump’s reaction was immediate. The president demanded on Friday the dismissal of the employment of employment statistics, Erika MCENTARFER, after the publication of a report showing a degradation of the labor market. “I have just learned that the employment figures of our country are made by a person appointed by Joe Biden, Dr. Erika MCENTARFER, who has rigged the figures before the election to increase the chances of victory of Kamala [Harris] “, He accused on Truth Social. And to hammer: “I asked my team to send this person immediastically. She will be replaced by someone much more competent and qualified. »»
The monthly report of the Labor Department, published on Friday, surprised by its brutality: only 73,000 jobs created in July, a figure much lower than expectations. Revisions for May and June are more worrying: job creations over these two months were divided by two, falling respectively to 19,000 and 14,000, their lowest level from the pandemic. A total of 258,000 positions have disappeared from the statistics. The unemployment rate has increased from 4.1 % to 4.2 %. “A shock! “Said Donald Trump in his message.
“The economy fads,” says Trump
This publication occurs while the Federal Reserve (Fed) maintains its monetary policy unchanged for the fifth consecutive time, despite repeated calls from Donald Trump to reduce rates. The president accuses the institution of “playing a game” with interest rates and ensures that “the economy will fire under Trump”, but that the Fed does not sufficiently support growth. Two governors, Michelle Bowman and Christopher Waller, also expressed their public disagreement, arguing for an immediate drop in rates.
Our file on the United States
Economists, they are alarmed by the magnitude of the corrections. For Heather Long, from Navy Federal Credit Union, this report “changes the game” by revealing that “the labor market is deteriorating quickly”. She notes that the United States has only created an average of 35,000 jobs over the last three months and calls on the Fed to “seriously consider a drop in rates in September”. Same tone at Jamie Cox, of the Harris Financial group: according to him, the boss of the Fed, Jerome Powell, “will regret having left the rates unchanged this week”.