The Black Unemployment Rate Just Hit A Record Low

Adjust Comment Print

His tweet came in an hour before the jobs report was officially released by the Bureau of Labor Statistics.

The May jobs report showed the USA economy added 223,000 jobs compared with an average monthly gain of 191,000 over the prior 12 months, and that the unemployment rate edged down to an 18-year low of 3.8 percent.

Still, Jason Furman, a Harvard Kennedy School professor who served on former president Barack Obama's Council of Economic Advisers as its chairman, called Trump out.

The 1985 rule that bars White House officials from releasing details of jobs reports ahead of time was written by the Reagan administration. 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.

Prior presidents generally followed the protocol closely, though in the 1960s President Lyndon Johnson had a habit of talking about the numbers in advance.

Still, Obama's first NEC director, Lawrence Summers, said Friday that Trump's Twitter post would have prompted numerous investigations during the Obama or Bill Clinton administrations. In the hours leading up to the release of future jobs reports, investors will watch carefully for clues provided by presidential tweets (or lack thereof).

Chris Lu, the former deputy Labor secretary during the Obama administration, explained the outrage.

"He chose to tweet", Kudlow said, adding that he briefed the president about the report on Thursday.

Moments later, the sell-off began, pushing the yield on the 10-year note from 2.8876 at the time of Trump's tweet to 2.8913 at 7:24 as traders left their safe haven play in favor of riskier assets such as stocks - which also moved upward.

JAB Gobbles Up Stake In Pret A Manger From Bridgepoint
The sale represents a return of six times on Bridgepoint's initial investment, according to a person familiar with the matter. Pret started out as a single shop in north London in 1986 and now has 530 stores worldwide, including in the U.S. and Asia.

"No president has fought the war on poverty better than Donald J. Trump", Mr. Navarro said on Fox's "Sunday Morning Futures".

Meanwhile, Kudlow said while he hoped Trump doesn't again comment on jobs numbers before they're released publicly, Trump's actions weren't improper. "The advance info is sacrosanct - not to be shared", he wrote. However, given the headlines that swirled around financial markets Friday - including the US 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.

"Why not?" Kudlow said. "But secondly, and fundamentally, its really important that government statistics are perceived as being nonpartisan, nonpolitical data". "I don't he gave anything away incidentally".

Trump's supporters revere this mold-breaking approach, but it has created an environment in which information that has always been closely held by the government is now fair game for Trump to reveal through a Twitter post or a casual remark.

He has championed the data since becoming president, though, particularly when it reflects strength.

Finance ministers from six of the G7 members have condemned President Trump's decision to impose tariffs on some of America's allies.

Wage growth came in strong at 2.7 percent, slightly beating expectations of 2.6 percent. Officials aren't supposed to comment on the figures until at least an hour after the data has been released.

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