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Trump appears to comment on jobs report before its official release

04 June 2018

He had never issued such a tweet before. There was a noticeable reaction in some markets, with the dollar climbing in the wake of the tweet as benchmark Treasury yields extended their advance to new highs for the day.

China warned the United States on Sunday that any agreements reached on trade and business between the two countries will be void if Washington implements tariffs and other trade measures, as the two ended their latest round of talks in Beijing, Reuters reported.

Trump's tweet may have signaled to investors that the numbers were good, and they turned out to be: nonfarm payrolls increased by 223,000, more than economists expected, while the unemployment rate fell to an 18-year low of 3.8%.

White House Press Secretary Sarah Sanders told reporters that President Trump was briefed on the jobs numbers last night.

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.

On Wall Street, where the 8:30 a.m. release on Jobs Friday is a major event for the markets each month, traders disagreed on whether the tweet actually moved prices, which fluctuate constantly and make it hard to determine if any single event pushed them in one direction or another.

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"If he was sending a message that it was a good number, when there is not a good number, we will now know it because he won't tweet", said Kaltbaum. "You can read into that 10 different things if you want to read into it". "We saw employers digging deeper into the pool of unemployed", said Josh Wright, chief economist at the software firm iCIMS.

White House chief economic adviser Larry Kudlow admitted that numerous looming global trade disputes could jeopardize the robust USA labor market.

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. "The advance info is sacrosanct - not to be shared".

"If the U.S. rolls out trade measures including tariffs, all the agreements reached in the negotiations won't take effect", state-run Xinhua News Agency reported yesterday, citing a statement from the Chinese team that met with a USA delegation led by Commerce Secretary Wilbur Ross.

Still, giving the market any kind of clue ahead of time is extremely unusual.

Since then, Trump administration officials have been careful not to violate the directive.

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"Its market moving and it creates instability and uncertainty in markets", Furman said.

The Trump administration last week opened up another 15,000 H-2B visas to help US employers hire temporary non-agricultural workers in an effort to help fill seasonal jobs during the busy upcoming summer tourist season.

The president in August 2017 touted the July report on Twitter roughly 15 minutes after the data had been publicized. "It's closely held and misuse of it leads to dismissal".

"President Trump's policies are having a tremendous positive impact on the lives of Americans of all classes and backgrounds". In November and December, he routinely posted daily updates on the rising stock market, attributing it to his tenure. The Dow Jones industrial average finished up 219 points.

The economy has strengthened during his time in office, though many metrics are mostly consistent with the post-financial-crisis recovery that began in 2009.

The stakes are high for the global economy, which is cruising at its fastest pace of growth in seven years.

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The 1985 rule that bars White House officials from releasing details of jobs reports ahead of time was written by the Reagan administration.

Trump appears to comment on jobs report before its official release