President Donald Trump on Friday shattered several decades of protocol - and possibly violated a federal directive - by hinting strongly that the monthly U.S.jobs report would be a rosy one 69 minutes before its release.
The latest report showed the USA economy added 223,000 jobs in May and reflected a 0.1 percent decline in the unemployment rate to 3.8, an 18-year low, further bolstering Trump's argument that his administration's work has greatly helped the economy.
"His tweet basically said like everybody else, 'await the jobs numbers.' You can read into that 10 different things if you want to read into it".
President Trump's enthusiastic tweet before the release of Friday's jobs report may have breached a rule created to safeguard and depoliticize market-moving financial data issued by the federal government. After Trump's tweet, the two-year Treasury yield climbed one basis point, while the dollar stayed flat.
Still, some on Wall Street downplayed the ultimate impact of Trump's early allusion to the report. The president's tweet appeared to be a tease of strong job numbers. If I were still working in the White House, I would have received the numbers around 1 p.m.
As CNBC reported, as politicians nationwide ramp up their campaign efforts ahead of November's midterm election no issue "is more important than the perennial issue of employment".
Larry Summer, former director of the National Economic Council, lamented how former President Bill Clinton and Barack Obama would have been in hot water had they commented on unreleased figures.
The Republican National Committee pushed back against criticism of Trump's Friday Twitter post by pointing to a comment Obama made on February 5, 2009, the day before jobs data was released. "It's not the first norm he's breached; I think I've lost count of how many norms he's ignored or violated".
"The May jobs report revealed impressive strength and breadth in USA job creation that blew away most economists' expectations", said Scott Anderson, chief economist at Bank of the West. He told ABC News that the Obama administration "absolutely interpreted [the Labor Department rule] as applying" to the president himself.
Trump's decision to seemingly pimp out the job numbers before they were officially released is controversial because it could result in traders taking advantage on positive data that is exclusive to the executive branch.
Jason Furman tweeted "You should have gotten the employment numbers from the Council of Economic Advisers yesterday".
The May jobs report was in fact a good one for a president who likes to brag about the strong jobs market. The tweet certainly suggested that a good number was coming.
But former Obama White House press secretary Jay Carney took it a step further, saying that the same would be true under both Bush administrations:Ari Fleischer, former White House press secretary to President George W. Bush, seemed to concur.
Meanwhile, Kudlow said trade frictions between the United States and Canada are a "family quarrel", brushing aside concerns expressed by Canadian Prime Minister Justin Trudeau as an overreaction.