The decision followed the release of July’s employment report, which showed that only 73,000 nonfarm payroll jobs were added to the U.S. economy—far below economist forecasts. The report also included sharp downward revisions to the previous two months, with 258,000 jobs stripped from earlier estimates and unemployment ticking up to 4.2%.
On social media, Trump also claimed without evidence that McEntarfer “faked the Jobs Numbers before the Election to try and boost Kamala’s chances of Victory,” referencing to his defeated opponent in the 2024 election, Vice President Kamala Harris. Trump declared: “Important numbers like this must be fair and accurate, they can’t be manipulated for political purposes.”
Remarking on the jobs report, including the large downward revisions which he called a “major mistake,” Trump added: “Similar things happened in the first part of the year, always to the negative.”
Markets responded swiftly to the jobs report and the abrupt leadership shakeup. Stocks fell sharply on Friday as investors digested the weak employment numbers alongside the uncertainty created by turmoil within the government’s statistical agencies. U.S. bond yields dropped as traders increased bets on imminent Federal Reserve interest rate cuts, which Trump and some Republican allies have also accused the Fed of timing to help Democrats—allegations the central bank strongly denies.
McEntarfer, who has yet to issue a public statement, was widely regarded as a data-focused technocrat. White House officials have not yet named a replacement.
