U.S. President Donald Trump announced that he has ordered the immediate firing of Labor Statistics Bureau (BLS) Director Erika McEntarfer after the release of weak employment data in July.
In a post on Truth Social, Trump accused McEntarfer of politicizing employment data, calling her a "political appointee of Biden." No specific evidence was provided for these accusations.
Bitcoin suddenly drops again after this development:
"I have directed my team to immediately fire this political appointee of Biden. He will be replaced by someone much more competent and qualified. Such important data must be fair and accurate, and cannot be manipulated for political purposes," he said.
According to the BLS report published today, non-farm payrolls only increased by 73,000 in July. Furthermore, the data for the two previous months has been revised down by a total of approximately 260,000. The average job increase over the past three months has only reached 35,000, marking the weakest performance in the post-pandemic period.
McEntarfer was appointed by former President Joe Biden in 2023 and took office after receiving Senate confirmation in early 2024. The BLS has yet to make any statement on this matter.
Employment data is generated through a three-month-long survey process. However, the initial response rate from companies has recently dropped below 60%. Before the pandemic, this rate was usually above 70%. Furthermore, the BLS often makes significant annual adjustments in February, based on more reliable but delayed data. The preliminary annual estimates released for 2024 are among the largest adjustments since 2009.
In his post, while referring to these modifications, Trump also had harsh words for Fed Chairman Jerome Powell. He argued that the Fed is "playing with" interest rates and said Powell "should retire right now."
