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".



Canada Responds To Tariffs
The EU is set to retaliate with tariffs on a range of USA goods, from Harley-Davidson (HOG.N) motorcycles to jeans and bourbon. The list of goods set to get hit by the Canadian tariffs varies from industrial steel to sleeping bags.

How do you spell that word? The most-Googled by state
When asked at what point he knew he could spell the winning word " koinonia ", the Class 8 student told CNN , "When I heard it". Third place contestant, Abhijay Kodali, is also from Texas. "It's what I've been dreaming of for years now", Nemmani said.

Gunmen Attacked An Afghan Compound Wearing US Army Uniforms
The Islamic State group claimed responsibility for the attack, but did not provide evidence for their claim. Officials said the fighting left one policeman dead and five others wounded.

Facebook to Drop Trending-Topics Feature
In its announcement on Friday (June 1), Facebook said the section was driving only marginal traffic to news publishers. The company is also funding news videos, created exclusively for Facebook by publishers it would not yet name.

Roman Abramovich remains fully committed to Chelsea despite stadium plans stalling
On Thursday, there were also reports that Chelsea had terminated contract talks with goalkeeper Thibaut Courtois. But it is understood that Abramovich's decision will have no impact on the running of the football team.

Canada to impose tariffs on USA , challenge at WTO
Trump's announcement lifted American steel and aluminum stocks because those companies stand to benefit from penalties against their foreign competitors.

Kim Kardashian to Meet Trump at White House on Wednesday
Kardashian and husband Kanye West , an outspoken Trump fan , have worked hard to advocate for Johnson's release . Kushner has spearheaded a White House initiative to help better prepare prisoners for life after incarceration.

USA trade tensions at fever pitch as steel deadline looms
But Macron said those "who waged bilateral trade wars. saw an increase in prices and an increase in unemployment". The measures will be in place until the USA government eliminates its tariffs, the ministry said .

Stunner! Defending French Open champ Ostapenko out on Day 1
US Open champion Sloane Stephens was clearly in a hurry, dropping just two games in a 6-2 6-0 win over Arantxa Rus of Holland. Instead, the in-form Alexander Zverev, who is seeded second, will be the highest seed in action in the men's singles draw.

Rafael Nadal and Maria Sharapova win in French Open
In the second set, the Chinese won just 10 points, and six came thanks to her opponent's unforced errors. The return game that produced three consecutive breaks of serve.