U.S. President Donald Trump fired Erika McEntarfer, head of the Bureau of Labor Statistics (BLS), after a lackluster July jobs report sent shockwaves through markets. The report showed only 73,000 jobs added—way below forecasts—and revised earlier numbers downward, sparking fears about the economy’s health. 📉
‘Political Interference’ or Data Drama? 🗣️
Trump accused McEntarfer, a Biden appointee, of manipulating jobs data to boost Vice President Kamala Harris’s political prospects. In a Truth Social post, he claimed the numbers were ‘faked’ and demanded ‘fair and accurate’ reporting. Critics, however, slammed the move as a ‘political firing,’ warning it risks undermining trust in U.S. economic data. 💥
Markets Tumble Amid Trade Tensions 🌍💸
Stocks plunged Friday as investors grappled with the weak jobs report and Trump’s new tariffs on Canadian goods and other countries. The Dow dropped 1.23%, while tech stocks took a 2.24% nosedive. Analysts say the combo of shaky data and trade policies has left markets ‘walking on eggshells.’ 🥚
Democrats and economists condemned Trump’s decision, calling it an attack on independent agencies. ‘This isn’t about performance—it’s about control,’ said former Treasury official Gary Hufbauer.
