Trump previewing jobs report appears to break protocol

Trump previewing jobs report appears to break protocol

Trump previewing jobs report appears to break protocol

Trump sent out his tweet at 7:21 AM on Friday; the jobs report was released at 8:30 AM.

The Trump administration is examining ways USA industries could hire more immigrant workers on a temporary basis, White House economic adviser Larry Kudlow said on Friday, as data showed the United States unemployment rate at an 18-year low. "Except for members of the staff of the agency issuing the principal economic indicator who have been designated by the agency head to provide technical explanations of the data, employees of the executive branch shall not comment publicly on the data until at least one hour after the official release time".

The Chairman of the Council of Economic Advisers receives the report the day before its publication and is allowed to share it with the president, but neither are supposed to comment on it until its official release.

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.

When the report was officially released, the jobs market showed a strong growth. Bloomberg News data also showed that the value of the US dollar moved sharply higher after the Twitter post compared with previous trades the mornings jobs data are released.

The Labor Department works hard to keep the market-moving numbers a secret ahead of their 8:30 a.m. ET release. "The advance info is sacrosanct - not to be shared", tweeted Bush administration White House press secretary Ari Fleischer.

Jason Furman, who served as CEA chairman during the Obama administration, said that if President Obama had done this, "I would go in and tell him how serious it was and that he was jeopardizing his access to the data".

"That tweet suggested this was going to be a strong number and the [10-year] yield jumped", Quincy Crosby, chief market strategist at Prudential Financial, told The Post.

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Trump's tweet appeared to violate a federal law banning government officials from commenting on the monthly jobs report until an hour after its release.

Former U.S. Attorney Preet Bharara appeared to call for a congressional inquiry into the tweet, saying lawmakers had "the constitutional authority to investigate".

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

Meanwhile, Kudlow said trade frictions between the United States and Canada are a "family quarrel", brushing aside concerns expressed by Canadian Prime Minister Justin Trudeau as an overreaction. "It's closely held and misuse of it leads to dismissal". "But secondly, and fundamentally, its really important that government statistics are perceived as being nonpartisan, nonpolitical data".

"It's possible, absolutely. I don't think it has right now", Mr. Kudlow said on "Fox News Sunday".

"President Trump's policies are having a tremendous positive impact on the lives of Americans of all classes and backgrounds".

The report showed that the reading was better than the 188,000 increase in non-farm payroll that were expected by Wall Street analysts.

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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