Trump previewing jobs report appears to break protocol

04 June, 2018, 03:51 | Author: Irene Delgado
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The May jobs report showed the US 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.

Trump, like past presidents, is given a preview of the sensitive report before its official release, but a 1985 directive issued by the Reagan administration requires that the executive branch not comment on the information until an hour after it is made public.

The Chairman of the Council of Economic Advisers receives the report the day before its publication and is allowed to share it with the president, but neither are supposed to comment on it until its official release.

The jobs data come out once a month and can lead to massive buying or selling trends on Wall Street, depending on how the information is received.

Austan Goolsbee, who also served as chairman of Obama's economic council, criticized the tweet, too, contending that releasing information about the report ahead of time was breaking the law. Bloomberg News data also showed that the value of the US dollar moved sharply higher after the Twitter post compared with previous trades the mornings jobs data are released.

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.

Former Obama and Bush administration officials noted Trump had appeared to break the federal protocol. It is extremely closely held and kept under tight control until it is released at 8:30 a.m. on the first Friday of each month.

"I think trade can dovetail into this in a positive way if the president is able to challenge these trading practices and allow Americans to export freely around the world", Mr. Kudlow said.

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White House officials did not immediately respond to a request for comment about Trump's tweet.

Trump's social-media post was met with tepid reaction in financial markets, where investors assess more than just the headline numbers. Sanders also said that Trump had been "briefed" on the report Thursday night, despite his tweet suggesting curiosity rather than knowledge of the report.

Kudlow said on CNBC. "The advance info is sacrosanct - not to be shared", he wrote. Indeed, U.S. stock futures took the hint, pointing to a higher market open on Friday.

Second, there has been a strong effort to insulate this information from political leaders, as advance discussion of the data could make it seem politicized.

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. "I tracked him down on Air Force One".

Some economists do remain concerned that the Trump administration's aggressive actions on trade could eventually hamper growth.

President Trump pumps his fist to the crowd as he arrives at Ellington Field Joint Reserve Base in Houston, Texas on May 31, 2018.

"I don't think he gave anything away, incidentally", Kudlow added. There are government procedures for officials who handle undisclosed numbers that require a delay of commenting until one hour after they're released.

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