False Prosperity! U.S. July non-farm employment far below expectations, revisions in May and June down by 258,000, Trump slams Powell and fires Labor Secretary.

The latest data from the U.S. Bureau of Labor Statistics shows that non-farm employment growth in July was far below expectations, with employment data for May and June revised down by a total of 258,000, revealing signs of fatigue in the labor market. (Background: Powell insists on no rate cuts! But there are already policy disagreements within the Fed, Bitcoin rebounded after dropping below $116,000, and Ethereum returned to $3,800) (Context: Mass slaughter! Bitcoin fell below $113,000, Ethereum dropped below $3,500, resulting in $1 billion in liquidations across the network) According to data released by the Bureau of Labor Statistics (BLS) last night (1), non-farm employment in the U.S. in July increased by only 73,000 jobs, far below the market expectation of 110,000, with the previous value revised to 139,000. The unemployment rate remained at 4.2%, in line with market expectations, but slightly up from the previous value of 4.1%. Notably, this non-farm employment report revised employment data for May and June down to 19,000 and 14,000, respectively, a total downward revision of 258,000 positions, highlighting the weakness in the labor market and reflecting the challenges facing the U.S. economy under high interest rates and Trump’s tariff policies, which the market considers the main reason for the recent collapse of the cryptocurrency market. Expectations for a September rate cut have surged significantly. This non-farm data confirms the concerns expressed earlier by Fed Governor Christopher Waller and Michelle Bowman. At the end of the FOMC meeting at the end of July, both voted against the Fed's decision to maintain the benchmark interest rate (4.25%-4.50%) unchanged and emphasized in a post-meeting statement that signs of weakness in the labor market have emerged, contrary to the views of Chairman Jerome Powell and other policymakers. Waller pointed out: 'The current wait-and-see attitude is overly cautious and fails to balance economic prospects with risks, which may lead to policy lag.' He specifically noted that frequent data revisions in the past and stagnation in private sector employment growth have long indicated that the risks of a downturn in the labor market will increase. Bowman stated: 'The vitality of the labor market is weakening, with increasing signs of fragility.' After the non-farm data was released, market expectations for a Fed rate cut in September significantly increased. According to the Chicago Mercantile Exchange (CME) FedWatch tool, the market now estimates an 80.3% chance of a 25 basis point rate cut in September, up sharply from 37.7% the previous day. Trump lashes out at Powell and the Labor Secretary. The latest non-farm data results ignited U.S. President Donald Trump's dissatisfaction. Trump, who has publicly emphasized that the Fed should cut rates as soon as possible, launched a fierce attack on Fed Chairman Powell and Bureau of Labor Statistics Director Erika McEntarfer on his social platform, Truth Social. Trump first referred to Powell as a 'disaster,' accusing the Fed of 'cutting rates significantly twice' before the 2024 election to help Democratic candidate Kamala Harris gain votes, and stated that Powell 'should retire.' Regarding Erika McEntarfer, Trump accused her of 'falsifying' employment data to increase Harris's chances of winning, claiming that previous employment data was 'manipulated.' In response, Trump announced that he had instructed his team to fire McEntarfer, emphasizing that America and its people need 'fair and accurate' data. I have just learned that our country's 'employment data' is compiled by Biden-appointed Labor Statistics Director Dr. Erika McEntarfer, who falsified employment data before the 2024 election in an attempt to increase Harris's chances of winning. The Bureau of Labor Statistics overestimated approximately 818,000 job growth data in March 2024, and again overestimated 112,000 in August and September before the 2024 presidential election, setting a record — how could such an outrageous error occur? We need accurate employment data. I have instructed my team to immediately fire this Biden-appointed political appointee, who will be replaced by a more competent and qualified candidate. Such important data must be fair and accurate, and cannot be manipulated for political purposes. She claimed that only 73,000 jobs were added in July (shocking!), and more importantly, the data for the previous two months was revised down by 258,000. Similar situations also occurred in the first half of this year, and were always negative adjustments. Although the Fed is also playing games — this time with interest rates, they significantly cut rates twice before the election, presumably hoping to get 'Harris' elected — what happened? Under 'Trump's' leadership, the economy is thriving. Jerome, 'too late'! Powell should also be 'removed from the Fed.' The U.S. stock market was in the red. Affected by the non-farm data, the U.S. stock market also suffered heavy losses. According to data from Google Finance, all four major U.S. stock indexes fell, specifically: Dow Jones Industrial Average: down 1.23%, or 542.4 points, closing at 44,130.98 points. S&P 500 Index: down 1.6%, or 101.38 points, closing at 6,339.39 points. Nasdaq Index: down 2.24%, or 472.32 points, closing at 21,122.45 points. Philadelphia Semiconductor Index: down 1.43%, or 80.31 points, closing at 5,607.92 points. Related reports: Deloitte survey: 99% of CFOs will long-term adopt cryptocurrencies, with stablecoins and Bitcoin in focus. Bitcoin Reserve Company: Why spend $2 to buy $1 worth of BTC? The Fed's July rate cut is unlikely, what other points are noteworthy at the FOMC meeting? Internal disagreements within the Fed, Powell against Trump.. 'False Prosperity! U.S. July non-farm employment far below expectations, revisions in May and June down by 258,000, Trump slams Powell and fires Labor Secretary.' This article was first published on BlockTempo (the most influential blockchain news media).