Trump crows as rosy jobs report underscores booming economy

04 June, 2018, 03:49 | Author: Roderick Gutierrez
  • U.S. President Donald Trump gets market-moving information long before its released to the public. More

Early on in the administration, former press secretary Sean Spicer drew criticism for tweeting immediate reaction to a positive jobs report, violating the standard one hour time span.

There's good reason to have deep concerns about Trump's propensity for breaking the rules.

Given the president's penchant for self-promotion, many assumed this meant a strong report was coming because Trump is one of a few federal officials who sees the report on Thursday before it's released to the public.

The president's suggestion may have run afoul of a federal rule that says executive-branch employees with early access to the data should make sure there is no release of the information ahead of the designated time.

Ari Fleischer, a Republican who served in President George W. Bush's administration and has been an occasional Trump adviser, also took exception, tweeting: "This certainly was a no-no".

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

In an interview with CNBC, Director of the National Economic Council Larry Kudlow said he briefed President Trump personally on the jobs report Thursday evening after receiving the report from chairman of the Council of Economic Advisers Kevin Hassett.

Kudlow, who also spoke on Fox Business Network, noted that while the White House was wrestling with Congress over legislation to address immigration long-term, "I think you're going to see some progress" on immigrant employment visas near-term.

The Bureau of Labor Statistics publishes the jobs report on the first Friday of each month at 8:30 a.m.

Kudlow told reporters that the president did not reveal the details of the report and said it was no big deal that he tweeted a preview of its release.


A former member of the President's council of economic advisers under President Obama pointed out the possibility of leaked information sparking insider trading, and said that any leaks should be investigated.

President Trump pumps his fist to the crowd as he arrives at Ellington Field Joint Reserve Base in Houston, Texas on May 31, 2018. Officials aren't supposed to comment on the figures until at least an hour after the data has been released.

At least one close observer of USA financial markets viewed Trump's tweet as unusual.

Other market experts offered mixed views about the widely noticed social media comment.

Trudeau, in an interview aired on Sunday by NBC's "Meet the Press", said it was "insulting" to hear the US claim that Canadian steel and aluminum posed a national security threat. Bloomberg News data also showed that the value of the US dollar moved sharply higher after the Twitter post compared with previous trades the mornings jobs data are released.

"It doesn't look good", said Mark Hamrick, Bankrate.com's senior economic analyst.

Trump's tweet could set a "bad precedent" for future job-related announcements from the federal government, said Gary Kaltbaum, president of Kaltbaum Capital Management.

"Risks are brewing. with the latest round of tariffs on aluminum and steel", said Joseph Song, an economist at Bank of America Merrill Lynch.

Prior presidents generally followed the protocol closely, though in the 1960s President Lyndon Johnson had a habit of talking about the numbers in advance.

May's jobs report is great news for America, but bad news for Democrats hoping to win election in November.

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