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Trump hints at strong jobs report ahead of its release

04 June, 2018, 03:51 | Author: Kristen Ingram
  • Trump appears to comment on jobs report before its official release

President Donald Trump appeared to signal that the Bureau of Labor Statistics would release a strong monthly jobs report.

Trump, like past presidents, is given a preview of the sensitive report before its official release, but a 1985 directive issued by the Reagan administration requires that the executive branch not comment on the information until an hour after it is made public.

Jason Furman, who chaired the Council of Economic Advisers in the Obama administration, said he anxious the decision would introduce instability into markets and appear to politicize statistics.

For decades, federal officials have taken great care to prevent providing any early indications to investors about monthly jobs report data that can move markets.

The rule states: "All employees of the Executive Branch who receive pre release distribution of information and data estimates as authorized above are responsible for assuring that there is no release prior to the official release time". Bloomberg News data also showed that the value of the USA dollar moved sharply higher after the Twitter post compared with previous trades the mornings jobs data are released. But the president - and other administration officials - never tip their hand about what the numbers reveal. In a protocol-defying step President Trump hinted at the good report in a morning tweet.

Tony Fratto, a former Treasury and White House official in the George W. Bush administration, objected on Twitter to the assertion by former Obama administration economic official Austan Goolsbee that Trump had divulged classified information. A few hours later I'd have briefed President Obama.

Following his tweet, treasury yields moved sharply higher.

Spicer said at the time that his understanding of the rule was that it was created to avoid affecting the stock market and noted that he was only tweeting the headline numbers that news organizations around the world already had reported.

"We are looking at ways to bring temporary immigrants with temporary visas legally into the United States in a number of industries", Kudlow told CNBC in an interview, adding he did not want to say more that would "get ahead of the curve". "The advance info is sacrosanct - not to be shared". However, given the headlines that swirled around financial markets Friday - including the USA slapping tariffs on allies, and new developments in Italy's political crisis - Trump's tweet "didn't set off a firestorm of trading activity", Rupkey added.

"He chose to tweet", Kudlow said, asserting that Trump had followed both the rules and past practices.

The economy added 223,000 jobs in May, better than economists predicted.

Second, there has been a strong effort to insulate this information from political leaders, as advance discussion of the data could make it seem politicized.

The president in August 2017 touted the July report on Twitter roughly 15 minutes after the data had been publicized. "It's not the first norm he's breached; I think I've lost count of how many norms he's ignored or violated". "It's closely held and misuse of it leads to dismissal".

"He simply ignored the wall", New York University presidential historian Timothy Naftali said of Trump's post Friday. Unemployment has steadily improved, economic growth has ticked up slightly, and wage growth has been slight.

Those anxious that tariffs could backfire by killing U.S.jobs need to remember that nobody has been more effective in building up the poor than President Trump, according to his senior trade adviser.

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