Trump fires commissioner of labor statistics after weaker-than-expected jobs figures slam markets

[riversedge]

16. NBC: The U.S. job market was weak in July, and previous months were worse than thought

The U.S. job market was weak in July, and previous months were worse than thought
Sharp revisions of government data show the U.S. created just 33,000 jobs total in May and June, while July’s number came in soft, too.

https://www.nbcnews.com/business/economy/us-jobs-report-july-downward-revisions-worse-than-thought-rcna222442

Job market weakens as U.S. adds only 73,000 jobs in July

Aug. 1, 2025, 8:21 AM CDT / Updated Aug. 1, 2025, 9:21 AM CDT


By Rob Wile and Steve Kopack

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“Not only was this a much weaker than forecast payrolls number, the monster downward revisions to the past two months inflicts a major blow to the picture of labor market robustness,” Seema Shah, chief strategist with Principal Asset Management, said in a note following the release. “What’s more concerning is that with negative impact of tariffs only just starting to be felt, the coming months are likely to see even clearer evidence of a labor market slowdown.”

The report comes as President Donald Trump’s aggressive tariff policies are set to begin taking effect for many U.S. trading partners, a move that he has touted as a boost for U.S. labor but criticized by many experts as a tax on consumers.

Major U.S. stock indexes dropped sharply in early Friday trading, with the Dow losing more than 700 points, while the Nasdaq fell more than 2%. The broader S&P 500 was down about 1.7%, while yields on 10-year and 30-year U.S. bonds dropped, indicating a move by investors to safer assets.

The report comes a day after Trump unveiled a sweeping new set of tariffs. Analysts have calculated that the average effective tariff rate imposed on all goods being imported into the U.S. is now 15%, the highest level since the 1930s..................