Just days after firing Bureau of Labor Statistics Commissioner Erika McEntarfer, President Donald Trump reignited criticism of the agency, accusing it of publishing "rigged" employment data to favor Joe Biden during the 2024 election.
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"They announced these phenomenal numbers… then they did the biggest revision I think in history, of almost 900,000 jobs," Trump said, referencing BLS’s benchmark revision in late 2024. “It’s a highly political situation. It’s totally rigged.”
Trump Slams BLS, Claims Job Revision Was Political
Speaking on CNBC’s Squawk on Tuesday, Trump claimed job numbers released by the BLS ahead of the 2024 election were politically motivated, artificially inflating Biden's economic trend.
“Biden wasn’t doing well. He was doing poorly. They announced these phenomenal numbers two days before the election,” Trump said, adding that “after I won the election, then they announced a downward number in other words to bring them back to reality.”
Commenting on last week's jobs report, which showed a weaker-than-expected 73,000 gain in July and a massive 258,000 downward revision to May and June payrolls, Trump said: "The numbers were very timid, and then they announced something that made him even more timid on top of it.”
Powell's Future, Possible Fed Picks
Trump also floated names for a possible replacement for Fed Chair Jerome Powell, whom he criticized as "too late." He praised both Kevin Warsh, former Fed governor, and Kevin Hassett, current chair of the President's Council of Economic Advisors.
“Both Kevins are very good,” Trump said. “Sometimes they’re all very good until you put them in there and then they don’t do so good.”
He confirmed that Treasury Secretary Scott Bessent had declined interest in the role, saying: "He wants to stay where he is… I'll take him off."
“He is doing a great job, we made the greatest trade deals in the history of our country,” Trump added.
Trump hinted that a Fed nominee may be announced soon to replace outgoing board member Adriana Kugler.
Kevin Warsh Leads Betting Markets
Betting markets are increasingly pricing in Kevin Warsh as the frontrunner to replace Jerome Powell.
According to Kalshi, a CFTC-regulated prediction market platform, Kevin Warsh leads with a 44% probability of being Trump's nominee for the next Fed Chair.
Kevin Hassett holds 29% odds, followed by Christopher Waller at 18%, the current Fed governor who dissented in July in favor of a rate cut, breaking from Powell and the majority of the board.
Meanwhile, David Malpass, the former World Bank President, holds just 4%, and Scott Bessent's chances have collapsed to 2%, down sharply from 11% a day earlier after Trump publicly said Bessent had declined interest in the role.
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