Trump Labels Revised U.S. Job Data a Hoax Amid Rising Tensions; Bitcoin Reacts to Market Uncertainty
Main Idea
President Trump labeled the revised U.S. non-farm payroll data as a hoax and ordered military actions amid rising tensions, following significant downward revisions by the Bureau of Labor Statistics.
Key Points
1. The U.S. Bureau of Labor Statistics revised May and June 2024 non-farm payroll job numbers down by 258,000, with May's jobs reduced from 144,000 to 19,000 and June's from 147,000 to 14,000.
2. President Trump dismissed Erika McEntarfer, the Director of the Bureau of Labor Statistics, amid the controversy over the data revisions.
3. Trump ordered the deployment of two nuclear submarines near Russia in response to provocative remarks by Russian official Medvedev.
4. The payroll data revisions could impact economic forecasts and Federal Reserve monetary policy decisions.
5. Trump's labeling of the data as a hoax aligns with his administration's strategy to emphasize distrust in government reporting ahead of the 2024 election.
Description
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