The nominee for the director of the BLS, appointed by Trump, recently advocated for pausing the monthly employment report, with Wall Street questioning whether it would lose the most immediate pulse of the economy, worrying about dual fog in policy regulation and market trading.
(Background: Fed's Daly: The timing for interest rate cuts is approaching, possibly more than twice this year (September probability nearly 95%))

If the U.S. financial markets lack monthly employment reports, it’s like a doctor feeling for a pulse in the dark; regardless of whether the economy has a fever, it’s difficult to diagnose immediately. E.J. Antoni, the nominee for the new director of the Bureau of Labor Statistics (BLS) appointed by President Trump, recently suggested temporarily 'freezing' monthly employment data on the grounds that it is 'inaccurate.'

Once the news broke, Wall Street and the policy circle quickly became alert: Would losing this indicator, known as the 'economic heartbeat', cost more than data inaccuracies?

Does Trump want to build a card?

The controversy arises because the employment report released in July only added 73,000 jobs, far below the expected 106,000, and the statistics for the previous two months were significantly revised down. Trump immediately posted on Truth Social claiming the data was 'manipulated' to undermine the Republican Party and emphasized that his nominee, Antoni, could ensure the statistics were 'honest and accurate.'

According to earlier reports from Fox News Digital, Antoni further stated:

Before completing the necessary revisions, the BLS should suspend monthly releases but can continue to provide slower yet self-identified more accurate quarterly reports.

These remarks challenge the publication rhythm that has been in place since the 1950s and raise concerns that political interference could undermine the independence of government statistics.

Wall Street alarm: How to trade without a heartbeat

Market professionals overwhelmingly called to halt the 'suspension of reports'. RIA Advisors Chief Strategist Lance Roberts reminded:

The market relies on employment and inflation data to set direction... If the plug is pulled without reasonable justification, it will undoubtedly trigger market problems.

NerdWallet Senior Economist Elizabeth Renter also pointed out that without monthly data, the Fed may 'blind fly' at economic turning points. Max Stier, president of the non-profit Partnership for Public Service, believes that the BLS can only have credibility by continuously releasing data that is 'timely and fair.'

Former Acting Labor Secretary Julie Su bluntly stated: 'Hiding the numbers will only make it harder for the government to prepare for a potential recession.'

Next observation: credibility and policy momentum

In response, White House Press Secretary Karoline Leavitt stated that the government still expects to maintain monthly releases and hopes the public continues to trust these statistics. Nevertheless, Antoni's nomination has already sown doubts: If future release timings or methods change, how will the market reprice risk?

In the current environment of high interest rates and slowing growth, any turbulence regarding the transparency of key data may be amplified through bond yields, exchange rates, and asset valuations, ultimately affecting the wallets of every investor and worker.

How the BLS maintains professional independence amidst political noise has become a focal point of attention in the coming quarters.