WASHINGTON President Donald Trump on Friday broke with decades of protocol and commented publicly about the highly anticipated jobs report data 69 minutes before they were released by the Bureau of Labor Statistics.
"Looking forward to seeing the employment numbers at 8:30 this morning", he tweeted.
The unemployment rate dipped to 3.8 percent - the lowest level in 18 years.
Trump's decision to seemingly pimp out the job numbers before they were officially released is controversial because it could result in traders taking advantage on positive data that is exclusive to the executive branch.
Still, Jason Furman, a Harvard Kennedy School professor who served on former president Barack Obama's Council of Economic Advisers as its chairman, called Trump out.
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.
Within seconds of Trump's post, the US dollar strengthened and Treasury yields rose, as investors anticipated the strong report they thought Trump had foreshadowed.
As per the age-old practice, the Bureau of Labor Statistics releases the jobs report on the first Friday of every month.
Tony Fratto, a former Treasury and White House official in the George W. Bush administration, objected on Twitter to the assertion by former Obama administration economic official Austan Goolsbee that Trump had divulged classified information. He told ABC News that the Obama administration "absolutely interpreted [the Labor Department rule] as applying" to the president himself. The Trump administration has violated that several times, including a post in March 2017 by then-White House press secretary Sean Spicer.
EU, Canada And Mexico Threaten Tariffs To Retaliate Against U.S.
The official said a range of issues remain to be resolved but the USA looks forward to continuing the negotiations with Canada. That was "completely grotesque", Lamy said.
Trump's social-media post was met with tepid reaction in financial markets, where investors assess more than just the headline numbers.
If Trump did see the numbers, his tweet may have violated a federal rule, issued in 1985, governing the release of embargoed federal data like the jobs report.
"Of course he knew", Kudlow said in an interview Friday. "The advance info is sacrosanct - not to be shared", he wrote. The economy added 223,000 jobs in May, even more than economists predicted.
The news comes even as Trump has announced new tariffs as high as 25 percent on imported steel and aluminum from the European Union, Canada and Mexico, triggering retaliation from US allies and protests from American industry.
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.
He has championed the data since becoming president, though, particularly when it reflects strength. That was higher than the growth of 188,000 positions that economists had expected.
Those anxious that tariffs could backfire by killing U.S.jobs need to remember that nobody has been more effective in building up the poor than President Trump, according to his senior trade adviser.
"I can tell you President Trump really cares about the economic data".