Overview

• The Bureau of Labor Statistics reported 73,000 jobs added in July and downwardly revised May and June gains by a combined 258,000 as part of routine data updates
• President Trump labeled the jobs report “rigged,” dismissed Biden-appointed Commissioner Erika McEntarfer and said he will name her successor within days
• National Economic Council Director Kevin Hassett argued that large revisions constitute “hard evidence” of manipulation and justified the firing as restoring data integrity
• Former BLS officials and career economists stressed that monthly revisions date back more than a century and noted that commissioners do not influence initial estimates
• U.S. stock indexes fell sharply after the weak report and McEntarfer’s removal, and JPMorgan’s Michael Feroli warned that politicizing the agency risks monetary policy and market stability