(NewsNation) — President Donald Trump’s nominee to oversee the Bureau of Labor Statistics has drawn criticism after suggesting the agency suspend its monthly jobs report.
In an unprecedented move, E.J. Antoni, whose nomination has already raised concerns the administration may manipulate critical economic data to fit Trump’s agenda, has proposed replacing monthly updates with quarterly reports until what he calls “issues” in data collection are resolved.
“How on earth are businesses supposed to plan — or how is the Fed supposed to conduct monetary policy — when they don’t know how many jobs are being added or lost in our economy?” Antoni told Fox ahead of his nomination. “It’s a serious problem that needs to be fixed immediately.”
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The BLS flagship jobs report is among the most important economic indicators for Wall Street. Investors and economists rely on it to gauge the nation’s overall financial health and clues about upcoming interest rate decisions. More importantly, it offers companies a glimpse into potential monetary policy or action from the Federal Reserve, especially around the rate decision.
Critics warn fewer reports could reduce transparency, heighten uncertainty for markets and companies, and potentially increase economic uncertainty for investors and companies.
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The timing is especially sensitive as U.S. corporate bankruptcies hit their highest monthly total since 2020 in July, with 71 large public and private companies filing, up from 66 in June.
Year-to-date, filings totaled 446 through the end of July, the most for these seven months since 2010, according to S&P Global Market Intelligence data.
Supporters of Antoni’s proposal have argued more accurate data could ultimately help shape better policy, though opponents say delaying information could make an already fragile business environment even more risky.
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Trump threatens ‘major lawsuit’ against Fed chair
Antoni’s proposal comes as Trump threatens a lawsuit against Fed chair Jerome Powell related to renovations of the central bank’s headquarters and ramps up pressure on Powell to cut interest rates.
“Jerome ‘Too Late’ Powell must NOW lower the rate,” Trump wrote Tuesday on social media. “I am, though, considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings. Three billion dollars for a job that should have been a $50 million dollar fix up. not good!”
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Trump provided no details on the nature of the lawsuit or who would bring it. He blamed his former Treasury secretary, Steven Mnuchin, for suggesting Powell for the role.
“Steve ‘Manouychin’ really gave me a ‘beauty’ when he pushed this loser. The damage he has done by always being Too Late is incalculable,” Trump wrote.
