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South China Morning Post
an hour ago
- South China Morning Post
Trump orders Labour official fired after weak jobs report, renews attack on Fed chief
US President Donald Trump on Friday ordered that the commissioner of the US Bureau of Labour Statistics, Erika L. McEntarfer, be fired after data showed employment growth was weaker than expected last month. Advertisement McEntarfer was nominated by former US president Joe Biden to serve in the role in 2023 and was confirmed by the US Senate the following year. 'We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified,' Trump said in a social media post. Commissioners typically serve four-year terms but since they are political appointees can be fired. The commissioner is the only political appointee of the agency, which has hundreds of career civil servants. In the same post, Trump said that Federal Reverse Chairman Jerome Powell should be 'put out to pasture'. Advertisement 'The Economy is BOOMING under 'TRUMP' despite a Fed that also plays games, this time with Interest Rates, where they lowered them twice, and substantially, just before the Presidential Election, I assume in the hopes of getting 'Kamala' elected – How did that work out? Jerome 'Too Late' Powell should also be put 'out to pasture,'' Trump said.
South China Morning Post
3 hours ago
- South China Morning Post
Labubu's soft power, Trump eyes autumn China trip: 7 US-China relations reads
We have selected seven of the most interesting and important news stories covering US-China relations from the past few weeks. If you would like to see more of our reporting, please consider subscribing 1. Trump eyes autumn China trip, but September visit off the table: sources Photo: AFP US President Donald Trump is keen to visit China but a September visit is not happening, according to sources, who said Beijing and Washington were working to secure a trip in October or November. Hurdles remain, but high-level officials 'share a consensus', sources familiar with the matter told the South China Morning Post. Read the full story here 2. Trump says Beijing making 'big steps' in controlling fentanyl Photo: AP US President Donald Trump said in July that Beijing is 'making big steps' in efforts to control the flow of fentanyl, an issue that the American leader has used to justify tariffs that he has slapped on imports from China. 'I think China has been helping out,' Trump told reporters in the Oval Office. Read the full story here 3. Has Apple been trapped by China? Not so fast, analysts say Photo: Shutterstock A new book contending that Apple went too far in consolidating its operations in China is prompting debate among analysts of the country – some of whom say the company may have had no realistic alternatives. 'If they were to have it to do over again, would they have done anything differently?' asked Meg Rithmire, a Harvard Business School professor.
RTHK
6 hours ago
- RTHK
US job growth weaker than expected
US job growth weaker than expected Employment in healthcare and social assistance continues to rise, but private sector firms are adopting a wait-and-see approach before hiring. File photo: Reuters US job growth missed expectations in July, official data showed on Friday, while revisions to hiring figures in recent months brought them to the weakest levels since the Covid-19 pandemic. The employment numbers point to risks in the key labour market as companies grapple with US President Donald Trump's sweeping tariffs – putting pressure on the central bank as it mulls the best time to cut interest rates. The world's biggest economy added 73,000 jobs last month, while hiring numbers were revised significantly lower for May and June, the Labor Department said. The jobless rate nudged up from 4.1 percent to 4.2 percent. Experts have warned that private sector firms appear to be in a wait-and-see mode due to heightened uncertainty over Trump's rapidly changing trade policy. With tariff levels climbing since the start of the year, both on imports from various countries and on sector-specific products such as steel, aluminium and autos, many firms have faced higher business costs. On Friday, the Department of Labor said hiring numbers for May were revised down from 144,000 to 19,000. The figure for June was shifted from 147,000 to 14,000. This was notably lower than job creation levels in recent years. During the pandemic, the economy lost jobs. Average hourly earnings rose by 0.3 percent to US$36.44 in July, the Labor Department said. It added that employment continued rising in healthcare and in social assistance, while the federal government continued shedding jobs. The US economy has added an average of just 35,000 jobs per month since May, data showed. A sharp weakening in the labour market could push the Federal Reserve towards slashing interest rates sooner to shore up the economy. (AFP)
