Trump fires Labor Department official - Reason, declining employment report. "Door opens" for influence on the Fed!
President Donald Trump fired a top Labor Department official after a disappointing jobs report. Meanwhile, the sudden resignation of a Fed member gives Trump a chance to influence the composition of the central bank.
US President Donald Trump has fired a top Labor Department official, shortly after a disappointing report on the US jobs market. He accused Erika McEntire, without evidence, of manipulating the numbers, adding to concerns about the quality of economic data published by the federal government.
The Bureau of Labor Statistics reported that the U.S. economy added just 73,000 jobs in July, but even more surprising were the negative revisions, which showed that 258,000 fewer jobs were created in May and June than previously reported. "We need accurate employment numbers. I have instructed my team to immediately fire Biden's political appointee. She will be replaced with someone far more competent and qualified," Trump said in a post on Truth Social.
In another unexpected development in economic policy, Trump may also seize an opportunity to influence the Federal Reserve, with which he clashes almost daily over interest rates. This came after Fed Governor Adriana Kugler unexpectedly announced her resignation.
The decision gives Trump an earlier opportunity to nominate a potential candidate to replace current Fed Chairman Jerome Powell on the Board of Governors.
The US president has repeatedly threatened to fire Powell after he failed to respond to Trump's demands for interest rate cuts. Powell's term ends in May next year, but he can stay on the board until January 31, 2028, if he wants.
Trump will now have the opportunity to select a new governor to complete Kugler's term, which ends on January 31, 2026. A governor who fills out an unexpired term can then be appointed to a full 14-year appointment.
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