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13h ago

Trump Ousts BLS Commissioner as Job Data Revisions Shake Markets

Investors braced for Fed rate cuts following Goldman Sachs’s forecast of up to a 950,000-job downward adjustment

U.S. President Donald Trump speaks to the media as he departs the White House on August 01, 2025 in Washington, DC.
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Overview

  • President Trump removed Erika McEntarfer from her post, appointing Deputy Commissioner William Wiatrowski as acting head of the Bureau of Labor Statistics.
  • The Bureau’s July payroll report recorded just 73,000 jobs added and slashed May and June gains by a combined 258,000, the largest two-month drop on record.
  • U.S. equity indexes fell 1–2 percent and front-end Treasury yields plunged as traders anticipated an accelerated shift toward Fed rate cuts.
  • Goldman Sachs warned that the September benchmark update could reduce payroll totals by 550,000–950,000 jobs for the year through March 2025, raising concerns over data accuracy.
  • Janet Yellen and Senate Leader Chuck Schumer cautioned that the dismissal threatens BLS independence and could erode confidence in official economic statistics.