Trump to Pick New Job Data Chief and Fed Governor – Big Changes Coming
Former U.S. President Donald Trump has decided to remove the head of the Bureau of Labor Statistics (BLS). This comes after a weak jobs report showed only 73,000 new jobs in July. Trump called the report “fake” and said the job numbers were not correct. He also claimed that older data was changed in a wrong way. He has not shown proof, but said he will choose a new BLS chief in 3 to 4 days.
Why This Is Important
The BLS gives out important information like the nonfarm payrolls report. This report affects forex markets, stocks, and interest rate decisions. If people lose trust in the data, it can cause problems in the market.
Many experts and former officials say removing the BLS head is a bad idea. They believe it could hurt the trust and honesty of U.S. job data. These reports are used by investors around the world.
Trump to Choose New Federal Reserve Official
Trump also said he will name a new Federal Reserve governor this week. This comes after Adriana Kugler stepped down. The new person will help make big decisions about interest rates and the U.S. economy.
Some names being talked about include Kevin Hassett, Kevin Warsh, and Scott Bessent. These people are close to Trump’s views and may support lower interest rates.
What People Are Saying
Some people support Trump and say it’s time to fix problems with the job data. But many experts warn that changing top officials could make economic data look political or less trustworthy. This could hurt how people see U.S. numbers in the future.
Impact:
Trump’s picks might change how fast and how clearly job data is shared. Markets could become more active or unstable. Trust in U.S. numbers might go down if people see too much political control.