President Donald Trump can consider himself fully vindicated. He was right to assert that the Bureau of Labor Statistics requires new leadership to resolve its persistently imprecise employment data. Trump was right again in concluding that the Federal Reserve has been too late in responding to the deterioration of the job market. By all available measures, inflation is holding lower than economists expected it would after Trump’s sweeping tariff regime went into full effect. Now, the BLS has conceded that the strength of the labor market in the final year of former President Joe Biden‘s presidency was largely a mirage, one that allowed the Fed to miss the mark.
In the 12 months ending in March of this year, the BLS reported that the economy added
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