Trump's tweet about jobs report raises questions

Trump appears to comment on jobs report before its official release

Trump flouts federal rule with tweet touting job numbers | TheHill

On Friday morning, amid the drama over the U.S. President Donald Trump's tweet, which appeared to be a clear signal to the markets about the jobs report, more than an hour before it was officially released, the markets began responding.

Treasury yields moved sharply higher within seconds of a Twitter post from President Trump that said he was "looking forward to seeing the employment numbers at 8:30 this morning".

The report also showed that the unemployment rate dipped to 3.8 percent-the lowest in 18 years.

"President Trump was sent the jobs numbers in advance", said Jason Furman, an economist at Harvard University's Kennedy School of Government who was chairman of the Council of Economic Advisers in Obama administration.

The directive said part of the intent is to "prevent early access to information that may affect financial and commodity markets, and preserve the distinction between the policy-neutral release of data by statistical agencies and their interpretation by policy officials". "Before Twitter, the fixed-income desks across Wall Street often used snap press conferences in the Rose Garden on NFP Fridays as a sign of whether or not the jobs number would beat estimates".

Former officials from the Obama, Bush and Clinton administrations said Trump's tweet violated the directive.

As per the age-old practice, the Bureau of Labor Statistics releases the jobs report on the first Friday of every month.

Mickey Levy, chief economist at Berenberg Capital Markets in NY, said in a phone interview that "the best thing to do is to wait and see the number and size things up".

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"We are looking at ways to bring temporary immigrants with temporary visas legally into the United States in a number of industries", Kudlow told CNBC in an interview, adding he did not want to say more that would "get ahead of the curve". "The advance info is sacrosanct - not to be shared", he wrote.

"It's a judgment call", Kudlow said.

Those anxious that tariffs could backfire by killing U.S.jobs need to remember that nobody has been more effective in building up the poor than President Trump, according to his senior trade adviser.

Omair Sharif, a senior USA economist at Societe Generale, said the tweet creates a conundrum for traders ahead of future jobs reports.

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.

The answer to this question is clearly that we can not be sure that this hasn't or wouldn't happen thanks to the fact that this President has already violated almost every other norm that applied in the past. "But secondly, and fundamentally, its really important that government statistics are perceived as being nonpartisan, nonpolitical data". "It's closely held and misuse of it leads to dismissal".

Some economists do remain concerned that the Trump administration's aggressive actions on trade could eventually hamper growth. "It's not the first norm he's breached; I think I've lost count of how many norms he's ignored or violated".

Finance ministers from six of the G7 members have condemned President Trump's decision to impose tariffs on some of America's allies.

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