A employees member stands on a ladder on the day of Republican presidential nominee and former U.S. President Donald Trump’s go to in Potterville, Michigan, U.S., August 29, 2024.
Brian Snyder | Reuters
In August, after the launch of the July jobs report — which drastically revised down earlier months’ numbers — U.S. President Donald Trump accused then Bureau of Labor Statistics Commissioner Erika McEntarfer of manipulating data, and fired her.
Yesterday, the BLS introduced that the U.S. financial system had added 911,000 fewer jobs than previously reported, for the yr previous March 2025. “Downward revisions since the cutoff date in that report suggest that the reduction in payroll growth has been actually around 1.2 million for the past 16 months,” wrote CNBC’s Jeff Cox.
That’s a giant and scary quantity. Jamie Dimon, CEO of JPMorgan Chase — America’s largest financial institution — in a response to the most up-to-date report, said “the economy is weakening. Whether it’s on the way to recession or just weakening, I don’t know.”
Traders in the futures market now see an elevated probability of cuts — which might help jobs creation — at every of the Fed’s subsequent three conferences this yr, based on the CME FedWatch tool. That’s assuming no more Fed officials are fired, which might change the trajectory of financial coverage for the subsequent few years. Only they, and never the BLS commissioner, have the energy to straight sway the U.S. labor market on such a macroscopic stage.
What you might want to know immediately
And lastly…
Chinese and U.S. flags flutter close to The Bund, earlier than U.S. commerce delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019.
Aly Song | Reuters
Record share of U.S. businesses divert China investments. Top choice: Southeast Asia
Nearly half of U.S. companies have redirected deliberate China investments to different areas over the previous yr — the highest on file — the American Chamber of Commerce in Shanghai stated Wednesday.
As many as 47% of the respondents in the survey, carried out from May 19 to June 20, stated that that they had diverted investments deliberate for China primarily to Southeast Asia. The Indian subcontinent, which incorporates Bangladesh, was the second-most well-liked vacation spot for redirected investments, whereas the U.S. and Mexico had been tied at the third spot.
— Evelyn Cheng