Inflation rose to 2.6% and unemployment increased to 4.2% in July, alongside a substantial revision showing 258,000 fewer jobs created. Trump's tariffs seem to be harming the economy, prompting him to shift blame onto Jerome Powell, the Federal Reserve chair, and to fire Erika McEntarfer, the Bureau of Labor Statistics head. Markets reacted negatively, with the Dow dropping over 540 points and Nasdaq falling by 2.24%. A Wall Street Journal poll indicated 70% of Americans perceive Trump's One Big Beautiful Bill Act as benefiting the wealthy, creating a rift with voters.
The US commerce department announced that inflation had ticked up to 2.6%. A day later, the labor department reported that unemployment had risen to 4.2% in July, and that the US had actually gained 258,000 fewer jobs than previously reported.
In a barrage of posts on social media, Trump lambasted Jerome Powell, the chair of the Federal Reserve, attacked his intelligence and again threatened his tenure at the Fed.
Trump fired Erika McEntarfer, the head of the Bureau of Labor Statistics, suggesting that she had cooked the books and was essentially giving aid and comfort to Joe Biden.
At Friday's final bell, the Dow had dropped more than 540 points and the Nasdaq was down 2.24%, marking significant losses for the markets.
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