US unemployment falls to nearly 1969 levels; hiring solid

04 June, 2018, 00:23 | Author: Regina Lloyd
  • Trump flouts federal rule with tweet touting job numbers

President Donald Trump broke years of presidential protocol Friday morning by posting a tweet that signaled a strong jobs report was on its way from the Labor Department an hour before the report was released.

Eagle eye traders early on Friday sold their holdings of the United States 10-year note after President Donald Trump hinted in a 7:21 a.m. tweet that the May jobs report would be better than expected. The Bureau of Labor Statistics announced that 223,000 jobs were created in May, beating expectations, and that the unemployment rate had fallen to 3.8 percent.

So, 69 minutes before anybody was supposed to know what was in this morning's jobs report, Trump signaled that it would be good.

"He didn't give any numbers", White House aidie Larry Kudlow told reporters outside the White House on Friday.

I have no doubt that Trump followers like @billiecat want real change - and real jobs.

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.

At least one close observer of US financial markets viewed Trump's tweet as unusual. As NPR noted, the gap between the overall unemployment rate and the rate among African-Americans has never been smaller.

The jobs report has heavy influence on financial markets and is closely guarded by federal officials.

"What's illegal is TRADING on the information - depending on how you acquired it", Fratto tweeted.




"About two-thirds of the drop in the unemployment rate in May was because workers found jobs, while about one-third of the drop was from people leaving the labor force", wrote EPi economist Elise Gould in a blog post.

"You don't want to price yourself out of the market", Thomas said.

"President Trump was sent the jobs numbers in advance", said Jason Furman, an economist at Harvard University's Kennedy School of Government who was chairman of the Council of Economic Advisers in Obama administration. And Lawrence Summers, who served as treasury secretary for President Bill Clinton, tweeted if during the Clinton or Obama administrations information had been similarly conveyed "it would have been a major scandal - with all sorts of investigations following on".

Looking forward to seeing the employment numbers at 8:30 this morning.

"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", according to the White House Office of Management and Budget's Statistical Policy Directive No. 3, adopted in 1985.

A number of USA employers, from seafood processors to hotels and restaurants, have complained that they can not fill jobs with domestic workers and were shut out of the visa process, which this year was run as a lottery for the first time rather than the usual first-come, first-served basis.

"The idea that someone who is political would let information out ahead of time undermines that independence and credibility at a time when it's under attack pretty aggressively already", she said.

"He chose to tweet", Kudlow said, downplaying the matter. "He is the president".

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