Trump under fire for tweet about jobs report

U.S. President Donald Trump gets market-moving information long before its released to the public. More

"Looking forward to seeing the employment numbers at 8:30 this morning", Trump tweeted - a full 69 minutes before the Labor Department released its jobs report. He had never issued such a tweet before.

USA employers added 223,000 jobs in May helping lower the unemployment rate to the lowest point since 1969.

The jobs report proved strong and beat expectations, revealing that the US economy added 223,000 jobs in May.

Kevin Hassett, the chairman of the Council of Economic Advisers, said the White House had followed the same procedures as prior administrations and argued that because Trump hadn't tweeted hard numbers, he hadn't done anything wrong. Government economists assemble the job report with great care and secrecy because policymakers and analysts depend on the data to make decisions that affect financial markets and countless lives. Friday's tweet, however, was the first time he's ever spoken about the job's report before it was released.

"Why not?" Mr. Kudlow said. Whether or not Trump actually told anyone, Wolfers explains, "You just don't want to raise that perception". We shouldn't just say "So what?" The White House is also threatening China with separate duties. Ari Fleischer, who served as press secretary to President George W. Bush, said of Trump's post: "This certainly was a no-no".

"The unemployment and underemployment rates both ticked down, and reflect the continued tightening in the labor market", Sameer Samana, global quantitative and technical strategist with Wells Fargo Investment Institute told FOX Business.

There's a reason presidents and policy makers carefully avoid saying a single word about important economic numbers before they're officially released. That's why giving the market any kind of clue ahead of time is extremely unusual.

Gold extended its declines, while bond yields moved higher after Trump's tweet.

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Quarterback Drew Brees has family ties to the military, too, and he cited those each time he discussed the protests past year . York said he didn't feel comfortable making a decision without directly involving the players' union.

Still, Obama's first NEC director, Lawrence Summers, said Friday that Trump's Twitter post would have prompted numerous investigations during Obama's tenure or that of President Bill Clinton.

Jason Furman, who chaired the Council of Economic Advisers in the Obama administration, said he anxious the decision would introduce instability into markets and appear to politicize statistics.

"You don't want to price yourself out of the market", Thomas said.

After becoming president, he showed a similar inability to play it straight with valuable information.

Diane Swonk, chief economist at Grant Thornton, says the government takes extreme measures to keep this information closely held to try and protect it from any sort of politicization or the appearance that it has been tampered with. Asked if he'll share it with Trump ahead of time again, Kudlow responded, "I have no idea".

Trump has tried to tie the success of his presidency to the success of the economy. The Dow Jones industrial average rose 219 points, or 0.9 percent. Unemployment has steadily improved, economic growth has ticked up slightly, and wage growth has been slight. Last year, in a White House meeting with Russia's foreign minister and ambassador, he revealed highly classified information about a top-secret Israeli military operation (he was in the process of bragging to the Russian officials about the quality of his intelligence reports).

Kudlow said Friday that Trump didn't breach this prohibition because he didn't reveal the precise numbers in the jobs report, only telling people on Twitter that he was "looking forward" to its release. "The CEA gets the number the day before and even internally can only discuss the info on an encrypted line before release". Having those numbers in advance of their official release could provide traders with significant advantages since it would permit them to place pre-market trades based on what is, in the classic sense, inside information.

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