Economic Data in Crisis: President Trump's Tariff Policy and Dismissal Shake Global Markets

White House defends firing of labor chief as critics warn of eroding trust

Washington, August 3, 2025 — The Trump administration is standing firmly behind its decision to fire the head of the Bureau of Labor Statistics (BLS), amid growing concern that the move could undermine public trust in official U.S. economic data.

On Sunday, top White House economic advisers appeared across multiple TV programs to justify the decision, citing what they described as President Trump’s "serious concerns" over recent employment reports. U.S. Trade Representative Jamieson Greer told CBS, “The president was genuinely troubled by the data.”

Kevin Hassett, Director of the National Economic Council, echoed the sentiment on Fox News, saying, “The president made the right call in seeking new leadership.” He pointed to the most recent BLS report, which showed a net downward revision of 258,000 fewer jobs in May and June than previously estimated — a revision he called troubling.

President Trump accused BLS Commissioner Erika McEntarfer of falsifying job numbers, though he provided no evidence to support the claim. The BLS is responsible for publishing crucial economic indicators, including employment statistics and inflation indexes.

In a statement explaining the revised data, the BLS said: “Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.”

Following her abrupt dismissal on Friday, McEntarfer took to the social media platform Bluesky, saying that serving as BLS Commissioner had been “the honor of her life,” and she praised the dedication of the agency’s career civil servants.

The firing has sparked fears about the credibility of U.S. economic statistics, especially at a time when the Trump administration is imposing sweeping tariffs on dozens of global trading partners — moves that have already rattled international stock markets.

“We need a fresh set of eyes at the BLS — someone who can clean this place up,” Hassett said on Fox News Sunday.

Appearing on CBS’s Face the Nation, Greer acknowledged that job data is frequently revised, but said, “Sometimes these revisions swing to really extreme degrees.”

The incident adds to ongoing concerns about the politicization of economic data and the impact of Trump’s trade policies on global financial stability.