How Trump's pre-jobs report tweet moved the market

How Trump's pre-jobs report tweet moved the market

The problem: The president's tweet came before the release of the report by the Bureau of Labor Statistics, which breaks protocol about not commenting on the report before its public release.

The May jobs report showed the USA economy added 223,000 jobs compared with an average monthly gain of 191,000 over the prior 12 months, and that the unemployment rate edged down to an 18-year low of 3.8 percent.

Lawrence Kudlow, director of Trump's National Economic Council, said in a brief interview that Trump had the numbers last night and his tweet wasn't meant to signal a positive report.

Ironically, candidate Donald Trump used to regularly dismiss the accuracy of the numbers in the jobs report his administration is now eager to brag about. There was a noticeable reaction in some markets, with the dollar climbing in the wake of the tweet as benchmark Treasury yields extended their advance to new highs for the day.

"He chose to tweet", Kudlow said, asserting that Trump had followed both the rules and past practices.

Many on Wall Street questioned the appropriateness of the president tweeting market-moving news.

The strong numbers come as some economists worry that a threatened trade war could damage the USA economy and as investors fret that the news will further pressure the Federal Reserve to speed up the rate at which it increases interest rates.

Meanwhile, White House Press secretary Sarah Huckabee Sanders said that the president's tweet was appropriate because "he didn't put the numbers out". Most national reporters live in Washington or NY and don't know any factory workers and don't think about them.

"I apologize if we were a little excited, and we're so excited to see so many Americans back to work", Spicer said at the time.

Zidane steps down as Real Madrid coach
And Egypt's minister of youth and sport reportedly confirmed Salah would recover in time for the World Cup . Egypt's World Cup campaign kicks off against Uruguay on June 15 in Group A.

Because the president would be briefed on the numbers ahead of time, his decision to promote the announcement gave rise to accusations of "market manipulation".

However, under a longstanding Office of Management and Budget procedure, US presidents are briefed about the report by the chairman of the White House Council of Economic Advisers before the official release time.

When the report was officially released, the jobs market showed a strong growth.

The Republican National Committee pushed back against criticism of Trump's Friday Twitter post by pointing to a comment Obama made on February 5, 2009, the day before jobs data was released.

It's obvious that Trump - who last month made explicitly clear that for him, all news that casts him in a negative light is "fake news" - wouldn't have posted such a tweet if the forthcoming jobs report didn't reflect positively on him. "And if this tweet is conveying inside information about a particularly good jobs number you should never get them in advance from the Council of Economic Advisers again".

President Donald Trump talks to reporters as he boards Air Force One to depart for a trip to Houston and Dallas, Texas, from Joint Base Andrews in Maryland, May 31, 2018.

"We've reached yet one more historic milestone with 3.8 percent unemployment, just announced", Trump said later Friday at a Coast Guard ceremony.

"You can read into that 10 different things", Kudlow said.

Related Articles

  • Roseanne firing: Was it really ‘one bad tweet’?

    Roseanne firing: Was it really ‘one bad tweet’?

    The network promptly canceled the revival of Barr's sitcom on Tuesday following harsh backlash against her tweet earlier that day. Jarrett said Iger called her on Tuesday before announcing that ABC , which is owned by Disney, was pulling the plug on the show.
    Pusha T The Story Of Adidon Drake adidas Deal

    Pusha T The Story Of Adidon Drake adidas Deal

    Despite having collaborated together, Jay and Drake have been throwing subliminal shots at each other for the past eight years. Pusha posted photos of Adidon and the alleged Drake baby mother on social media in efforts to poke fun at his arch-rival.
    National Doughnut Day Is on Friday. Here's How Local Shops Are Celebrating

    National Doughnut Day Is on Friday. Here's How Local Shops Are Celebrating

    After National Donut Day , use promo code: DONUT, for a free order with the purchase of any two pizzas in June. The organization hosts "Do Good Doughnut Parties" across the nation each year during the annual celebration.
  • Melania Trump hasn't appeared in public for 19 days

    Melania Trump hasn't appeared in public for 19 days

    On May 25, a reporter shouted a question to the president about his wife's whereabouts as he prepared to board Marine One. First lady Melania Trump's last public appearance was on May 10, 2018. "I wouldn't characterize this as a long absence.
    Assassin's Creed Odyssey officially announced by Ubisoft

    Assassin's Creed Odyssey officially announced by Ubisoft

    According to the site (via Google Translate), one insider sent an Assassin's Creed Odyssey keychain in the form of a Spartan head. The helmet is included inside packaging containing a logo for Assassin's Creed Odyssey , an unannounced Assassin's Creed title.
    Texas boy spells 'koinonia' correctly, wins Scripps National Spelling Bee

    Texas boy spells 'koinonia' correctly, wins Scripps National Spelling Bee

    Not only do kids from every state in the US compete, a number of other countries send their brightest young spellers. Yet amid the bigger Bee, returning spellers continued their dominance , even though a first-time competitor won.
  • Leaving Tottenham for Real Madrid would be a risk for Mauricio Pochettino

    Leaving Tottenham for Real Madrid would be a risk for Mauricio Pochettino

    Pochettino said taking on the Real Madrid job would not require bravery. "It would have been hard for me to win again next year". Zindine Zidane's unexpected departure from Real Madrid has prompted Chelsea to explore the Frenchman as a possible manager.
    Fulham must invest to survive, admits Jokanovic

    Fulham must invest to survive, admits Jokanovic

    With a big game, it's tough to swallow . "It's not me to make excuses, in the first half in particular we didn't do enough ". If Fulham can retain Sessegnon and Cairney, they will have two significant assets as they build for next season.
    China elevates combat readiness in South China Sea, experts say

    China elevates combat readiness in South China Sea, experts say

    Mattis was heading to Hawaii to attend a change-of-command ceremony for the USA military's Pacific Command. USA officials say the freedom of navigation operations (FONOP) are regularly scheduled and occur globally.
  • Melania Trump skipping G7, North Korea summits

    Melania Trump skipping G7, North Korea summits

    Trump is scheduled to join the president Monday in hosting a reception, closed to the press, for Gold Star families. Black expressed sympathy for the first lady saying, "They treat her with the softest of kid gloves".
    Capitals enforcer Tom Wilson gets punched in face during Stanley Cup finals

    Capitals enforcer Tom Wilson gets punched in face during Stanley Cup finals

    The persistent Knights earned a power play and cut the Caps' lead to 3-2 late in the second on Theodore's shot through traffic. Brayden McNabb , a defenseman for the Vegas Golden Knights , smashed him against the boards with a forceful check.
    Bethesda announces Fallout 76, new teaser released

    Bethesda announces Fallout 76, new teaser released

    According to the fan encyclopedia at Fallout Wikia, Vault 76 was meant to open just 20 years after a 2077 nuclear conflict. Kotaku reports today that Fallout 76 will be an online survival RPG, similar to experience found in DayZ and Rust .