Trump appears to comment on jobs report before its official release

Trump appears to comment on jobs report before its official release

Trump appears to comment on jobs report before its official release

Trump, who learned about the strong May jobs report Thursday night, tweeted Friday morning that he was "looking forward to seeing the employment numbers" due to be released by the Labor Department about an hour later.

"Looking forward to seeing the employment numbers at 8:30 [12:30 p.m. GMT] this morning", Trump said in a Twitter message at 7:21 a.m. local time.

The Department of Labor reported at 8:30 a.m. that unemployment in the USA had dropped to its lowest level since 1969 as the economy added a higher-than-expected 223,000 jobs in May.

Trump, like past presidents, is given a preview of the sensitive report before its official release, but a 1985 directive issued by the Reagan administration requires that the executive branch not comment on the information until an hour after it is made public.

Jason Furman, the head of the Council of Economic Advisers for President Barack Obama, tweeted that if Trump's tweet conveys inside info then he should never get the jobs report briefing again.

The economic data released by the Federal Government, which includes not just the monthly jobs reports but also reports on consumer spending, orders for "durable goods", quarterly estimates of Gross National Product and other pieces of information are often considered to be especially significant to traders on Wall Street. Bloomberg News data also showed that the value of the USA dollar moved sharply higher after the Twitter post compared with previous trades the mornings jobs data are released. "As has been said so many times by the president's supporters as well as his critics, this is another case where it would be better for President Trump would be wise to spend his time doing something other than tweeting".

Still, Obama's first NEC director, Lawrence Summers, said Friday that Trump's Twitter post would have prompted numerous investigations during the Obama or Bill Clinton administrations. Most jobs reports are released on the first Friday of each month. This appeared to have happened, as traders treasury yields increased following Trump's tweet pushing positive employment numbers.

"Regardless, rule or not, stating the jobs numbers in advance is insane", Furman said.

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"Why not?" Kudlow said.

Across the country, businesses have reported shortages of qualified workers for a variety of trades, including truck drivers, sales personnel, carpenters and tech workers, the U.S. Federal Reserve said in a report on Wednesday.

Trump, like all presidents, got briefed on the jobs figures Thursday evening.

Second, there has been a strong effort to insulate this information from political leaders, as advance discussion of the data could make it seem politicized.

"Look, Presidents can say what they are going to say", Kudlow continued.

"I don't think he gave anything away, incidentally", Kudlow added.

Diane Swonk, chief economist at Grant Thornton, says the government takes extreme measures to keep this information closely held to try and protect it from any sort of politicization or the appearance that it has been tampered with. Unemployment has steadily improved, economic growth has ticked up slightly, and wage growth has been slight.

"I can tell you President Trump really cares about the economic data".

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