Trump Fires Labor Stats Chief, S&P Worst Day Since May, More

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Episode Transcript

Speaker 1 (00:01):
News when you want it. With Bloomberg News Now, I'm
ad Kalki. President Trump told officials to fire Erika mcintarfer,
the commissioner of the Bureau of Labor Statistics, hours after
a report showed US job growth cooled sharply over the
last three months. I have directed my team to fire
this Biden political appointee immediately. Trump said this on social

(00:21):
media Friday, accusing her without evidence of politicizing the jobs report.
Friday's jobs report from the BLS showed payrolls increased seventy
three thousand in July after the prior two months were
revised down by nearly two hundred and sixty thousand. In
the past three months, employment growth has averaged a paltree
thirty five thousand, which is the worst since the pandemic.
Bloomberg's Skyler Woodhouse on the President's decision to fire the

(00:44):
head of Labor Statistics. He tends to do things, you know,
out of impulse, and this is clearly one of those
things where he got upset and is taking action. White
House economic advisor Peter Navarro told Bloomberg's Balance of Power
that better numbers are needed so that the Fed can
make better decisions and that he has and himself trusted
numbers in the BLS for a long time. A down

(01:04):
Friday and a losing week for the S and P
five hundred index, we get more from Bloomberg's Charlie Pellett.

Speaker 2 (01:09):
For the week, the S and P five hundred index
was down two point four percent. Wall Street saw a
broad flight from risk assets, with stock sinking amid mounting
signs of job market weakness. President Trump's latest volley of
tariffs and geopolitical worries also weighing on markets. An uninspiring
outlook from Amazon that spurred a route in megacaps. Friday,

(01:32):
Amazon was down eight point three percent for the week,
The Dow dropped two point nine percent, while Nazdak was
down two point two percent in New York. Charlie Pellett
Bloomberg Radio.

Speaker 1 (01:43):
Federal Reserve Governor Adrianna Kugler will stemp down from her
position on the Central Bank's board. The Fed announce this Friday.
Bloomberg's Michael McKee says this brings up a huge issue
for the Fed and the Trump administration.

Speaker 3 (01:55):
The President's issue is does he put somebody in who
he anticipates being the next chair when Ja Pall steps
down his chair in may or, does he hope that
poll steps down in may as a governor he can
stay on till twenty twenty eight and appoints somebody else
to the seat. Right now, the President's going to have
to make a decision. It appears fairly quickly.

Speaker 1 (02:16):
The US Supreme Court indicated it will consider outlawing the
use of race and drawing voting maps, setting up a
blockbuster showdown with implications or dozens of congressional districts with
predominantly minority populations, expanding a Louisiana case already on their docket.
That Justice has said they will consider arguments that the
nineteen sixty five Voting Rights Act no longer provides a

(02:37):
legitimate basis for map drawers to intentionally create majority Black
or majority Hispanic districts. President Trump says the US is
moving two nuclear submarines to respond to what he called
highly provocative statements from former Russian president Dmitri Medvedev. Bloomberg
Intelligence senior defense analyst Wayne Sanders says the President is

(02:59):
using this as a tactic because.

Speaker 4 (03:01):
It's very, very difficult to find out where these things
are anyway, and because of the stuff technology, because of
what we use and how quiet they are, they could
be anywhere anyway. So it is it's an opportunity for
the President to say, Hey, this thing is over there,
that is an overway versus some of the clandestin way
that these things move anyway.

Speaker 1 (03:21):
Hear more from Wayne Sanders on the Bloomberg Balance of
Power podcast. A space X capsule carrying astronauts in the US, Japan,
and Russia launched to the International Space Station Friday, the
start of a planned six months stay in orbit for NASA.
A Falcon nine rocket topped with the Cruise Dragon capsule,
lifted off at eleven forty four am Local time from
the Kennedy Space Center in Florida, carrying NASA astronaut ZENA.

(03:44):
Cardman and Mike Fink, Japan Aerospace Exploration Agencies Kimaya Yui,
and Roscomos cosmonaut oleg PLOTNOVOLV. Four people were killed at
a shooting at a Montana bar Friday, as a manhunt
continues for the suspect. The shooting hap at around ten
thirty am on Friday at the Owl Bar in Anaconda.
Four people were pronounced dead at the scene. The suspector

(04:06):
was identified as forty five year old Michael Paul Brown
lived next door to the bar. Authlready said his home
was cleared by a swat team and that he was
last seen in the Stumptown area, which is just west
of Anaconda. The Friday numbers on Wall Street the Dow
dropped five forty two. Nasdaq fell for seventy two, nearly
two and a quarter percent. The S and P dropped
one oh one, its biggest one day drops since May.

(04:28):
The ten year Treasury yield is at four point two
one percent, the two year at three point six eight percent.
That's news when you want it with Bloomberg News. Now
I'm in Kleggy. This is Bloomberg