Yesterday’s News 2025 08 13

curated citations to news sources


non farm payroll downward revisions

James Eagle: What’s going on with US jobs data

The US added just 73,000 jobs in July, missing expectations of 100,000. But the real shock came in the revisions: May and June were slashed by a combined 258,000 jobs, marking the steepest two-month downward revision on record outside the pandemic. The three-month average collapsed to 35,000 – less than one-third the pace of a year ago.

Trump’s response? Fire the commissioner and claim, without evidence, that the numbers were “rigged”. Here’s the reality: revisions are normal. Early job reports rely on large firms that respond quickly. Smaller businesses report later, and they’re the ones suffering most. When their data arrives, numbers get revised down. That’s statistics, not conspiracy.

The underlying data is grim. Health care and social assistance accounted for 94% of July’s job growth. Average weeks unemployed hit 24.1, the highest since April 2022. The US economy has just slowed, and the jobs numbers reflect this.

(James Eagle more…)

James Eagle: Trump’s war on statistical independence

Robert Reich: Trump’s “State Capitalism”

It would be communism under any other dictator

WSJ: The U.S. Marches Toward State Capitalism With American Characteristics

President Trump is imitating Chinese Communist Party by extending political control ever deeper into economy

WSJ: Now Trump Wants an Export Tax

Want a license to sell chips to China? Better pay the man.

Bulwark: The Ministry of Truth Is Real Now

E.J. Antoni’s nomination isn’t designed to reassure markets, the Fed, or the business community. It’s designed to provoke them. And force them to submit.

Jennifer Rubin: ‘New numbers’ are lies

“All new numbers,” boasted Donald Trump last week in the Oval Office, showing off brightly colored charts, the economic equivalent of the Sharpie-edited hurricane map from his first term. Whatever “data” (unpublished and unverified, the press duly noted) they rely on, Trump’s “new numbers” (like “alternate facts”) cannot be taken seriously. The real numbers don’t lie.

Robert Reich: Trump’s political hack nominee for the Bureau of Labor Statistics is already monkeying with the data.

The Senate mustn’t confirm him

WSJ: Trump’s Doomsday Tariff Letter

He says judges must bless his ‘emergency’ or we’ll have a depression.

And here you thought the lesson of the Smoot-Hawley tariff era was that a trade war can be destructive. Think again, folks, because President Trump’s lawyers say the courts must uphold the legality of his tariffs or there could be “a 1929-style result.”


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