Trump accuses on Truth Social: Biden-appointed Bureau of Labor Statistics Director Erika McEntarfer manipulated employment data.
It is alleged:
Employment growth in March 2024 was exaggerated by 818,000
Exaggeration of 112,000 for August and September combined
Data for the previous two months was also 'quietly revised down' by 258,000
Once the news broke, panic spread quickly in the market, with all assets declining simultaneously.
However, the issue of U.S. official data is not new. Major U.S. stock companies' earnings reports remain solid, and the fundamentals have not yet spiraled out of control.
It feels more like a 'rehearsal recession' now, releasing bubble risks ahead of interest rate cuts within the year