US House advances bill to let Trump impose 100% tariffs on India over Russian oil, Nepal flood death toll reaches 1,399, HP govt to introduce dress code for teachers in CBSE schools from Oct 1,

Stock markets dip,Trump fires a senior official over 'fake' jobs numbers

World shares retreated on Friday after US President Donald Trump announced a sweeping set of new import tariffs set to take effect on August 7, targeting dozens of countries with duties as high as 41%. Stocks on Wall Street also opened sharply lower after the US government reported a surprising slowdown in hiring last month. $1.1 TRILLION erased from stock market Friday. This follows a weak jobs report and global turmoil over TARIFFS that threaten to dampen trade. The  Bureau of Labor Statistics’ monthly labor report Friday showed that the US economy added only 73,000 jobs in July, far below expectations. It also sharply revised down the employment growth that had been previously reported in May and June – by a combined 258,000 jobs. After the revisions, the jobs report showed the weakest pace of hiring for any three-month period since the pandemic recession in 2020.

President Donald Trump fired Dr. Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, whom he accused, without evidence, of manipulating the monthly jobs reports for “political purposes.” “In my opinion, today’s Jobs Numbers were RIGGED in order to make the Republicans, and ME, look bad,” Trump said. McEntarfer was confirmed by the Senate 86-8 in January 2024 for a term of four years. Trump replaces McEntarfer, Deputy Commissioner William Wiatrowski will serve as Acting Commissioner, the administration said. Trump claimed that the unemployment rate was significantly higher than the BLS let on. In 2024, he accused former President Joe Biden’s administration of orchestrating a cover-up, after the BLS reported that it had overcounted jobs by 818,000 over the previous 12 months.
In other dealings early Friday, US benchmark crude oil shed 70 cents to $68.56 per barrel, while Brent crude, the international standard, gave up 69 cents to $71.01 per barrel. The US dollar fell to 150.30 Japanese yen from 150.77 yen. The euro rose to $1.1418 from $1.1417.

 


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