U.S. jobs data "very unreliable," top Trump econ adviser says

The labor statistics chief that President Trump fired Friday is a "terrific person," but the jobs data her agency produced has become "very unreliable," National Economic Council director Kevin Hassett said Sunday.Why it matters: One of the top advisers to the leader of the world's largest economy is effectively saying one of the most crucial datapoints on that economy isn't particularly trustworthy, and hasn't been for years. Catch up quick: On Friday, the Bureau of Labor Statistics reported weak job growth in July, with historic downward revisions to the May and June numbers that suggested the labor market was all but flat in recent months.Hours later, Trump claimed — without any evidence — that the report was rigged, and he fired BLS commissioner Erika McEntarfer.What they're saying: "I don't think it was explained very well and I think that markets might be as much unsettled by the fact that the data are so noisy," Hassett told "Fox News Sunday.""So imagine if the revision in the data — so the correction of errors — is five times bigger than the number itself. Then that makes you wonder 'well can I believe this number at all?' And I think that that's actually something that needs to be fixed, it needs to be fixed fast," Hassent said."I think that the president is right to call for new leadership. I think Erika is a terrific person, but I think that it's time for someone to get in there and fix this," Hassett said, arguing that the data never recovered from problems that began during the pandemic. "If the data aren't that good then it's a real problem for the U.S. Right now, the data are, have become, very unreliable with these mass revisions over the last few years."The big picture: There is little precedent for the government's senior economic leaders openly questioning the fundamental quality of the nation's core macroeconomic data.It comes as international investors have just started regaining confidence in the U.S., following the emergence of a tariff-driven "Sell America" trade earlier this year. The intrigue: Condemnation of Trump's move was swift, not just from Democrats, but from Republican lawmakers and economists. Sen. Cynthia Lummis (R-Wyo.), ordinarily a strong Trump supporter, told The Guardian that firing McEntarfer was "kind of impetuous" and added "it's not the statistician's fault if the numbers are accurate and that they're not what the president had hoped for." GOP Sens. Rand Paul (Ky.) and Thom Tillis (N.C.) also reportedly spoke out against the move. William Beach, who was appointed BLS commissioner by Trump in his first term, said on CNN's "State of the Union" that "there's no way for" McEntarfer to rig the data, as Trump claimed last week. He added that the commissioner doesn't even see the final, fully calculated number until two days before its release and their job at that time is "to kind of do the edits on the text. So there's no hands-on at all for the commissioner."Beach also said that revisions to data are commonplace, since the initial jobs data is conducted like a survey and not all of the businesses turn their numbers in before the deadline."BLS keeps the door open for two more months to get more information. So what you saw on Friday was the effect of trying to do a better job, getting more information," Beach said of the revisions for May and June in Friday's report.The bottom line: Beach said Trump firing McEntarfer "undermines credibility in BLS." "Suppose that they get a new commissioner, and this person, male, female, are just the best people possible, right? And they do a bad number. Well everybody's going to think 'well it's not as bad as it probably really is,' because they're going to suspect political influence," Beach said. What to watch: The next jobs report is in 33 days.

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