Trump Blasts BLS for Data Manipulation, Slams Powell Over Rate Cuts — While Claiming Credit for Economic Success

TradingKey - In a series of posts on Truth Social, former U.S. President Donald Trump launched a scathing attack on the Bureau of Labor Statistics (BLS), accusing the agency of manipulating employment data and calling for immediate leadership changes.

Trump alleged that Erika McEntarfer, the current BLS Commissioner appointed by President Joe Biden, deliberately exaggerated job growth figures ahead of the election to boost Kamala Harris’s chances of winning. He claimed the BLS overstated new job additions by 818,000 in March 2024, and by 112,000 in both August and September, calling the discrepancies “record-setting errors.” Trump directed his team to "immediately terminate" the agency’s leadership, emphasizing that key economic indicators must be fair, accurate, and free from political influence.

In addition to his criticism of the BLS, Trump took direct aim at Federal Reserve Chair Jerome Powell, calling him a “stubborn fool” and demanding swift and significant interest rate cuts. He accused Powell of lowering rates twice ahead of the election in a deliberate attempt to support Democratic candidates, and urged the Fed Board of Governors to intervene if Powell refuses to act.

Despite these accusations, Trump maintained that the U.S. economy is thriving under his influence, claiming that tariffs are generating billions of dollars in revenue for the country. His remarks bring renewed attention to the credibility of official economic data and the independence of monetary policy, with market analysts warning that such ongoing political rhetoric could cloud expectations for future policy direction.