July’s job numbers came in far lower than anticipated, and the administration issued revisions for stated job growth in May and June—reducing nearly 260,000 jobs off its last two reports. Stephen Miran, the chairman of the president’s Council of Economic Advisers, attempted to explain the chasm between prediction and reality.
“About 40 percent of that is due to seasonal adjustment quirks around teachers, some of it is due to declining foreign-born employment, even as we created more American-born employment, and that is going to net out in a way that you see ultimately reflected in the data like that,” Miran said.
— Aaron Rupar (@atrupar) August 1, 2025
“Seasonal quirks” could hardly be responsible for such a massive revision, given that they occur, predictably, every year.
Miran was later asked about an auto parts maker in Detroit that blamed Trump’s tariffs after being forced to shut down a warehouse and lay off 100 workers. “It’s always convenient to blame political changes when your business fails,” he replied curly.
If we must rely on Trump’s unwavering commitment to his stated tariff rates and deadlines, we may be heading back in that direction.
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