"Looking forward to seeing the employment numbers at 8:30 this morning", Trump tweeted this morning about an hour before 8:30 EST. He has never issued such a Twitter post before. Treasury yields shot up in the hour between Trump's tweet and the jobs report's release.
On Friday, the U.S. Labor Department reported an acceleration of job growth in May and a drop in the unemployment rate to an 18-year low, potentially creating a labor market squeeze that could force employers to pay higher wages to find qualified workers.
A CNBC anchor sent out a picture of the effect of Trump's tweet on the markets.
The economic data released by the Federal Government, which includes not just the monthly jobs reports but also reports on consumer spending, orders for "durable goods", quarterly estimates of Gross National Product and other pieces of information are often considered to be especially significant to traders on Wall Street.
The Bureau of Labor Statistics publishes the jobs report on the first Friday of each month at 8:30 a.m. "I think it's according to routine". "The advance info is sacrosanct - not to be shared".
Former treasury secretary Lawrence Summers said it was a remarkable breach that in the past would have led to multiple investigations.
Former Obama and Bush administration officials noted Trump had appeared to break the federal protocol. That's why giving the market any kind of clue ahead of time is extremely unusual.
The president is normally briefed on the monthly jobs report the day before it is released, and he and other administration officials are not supposed to comment on it beforehand. They appear to have read Trump's tweet correctly.More news: PM Modi visits Changi Naval Base in Singapore
"They're treated like state secrets", Alan Krueger, former chairman of the Council of Economic Advisers in the Obama administration, said in an interview with Bloomberg Radio before the employment report came out. "There wasn't a reaction beyond the markets' reactions to other (Trump) tweets", he said. "But secondly, and fundamentally, it's really important that government statistics are perceived as being nonpartisan, nonpolitical data".
The Trump administration last week opened up another 15,000 H-2B visas to help US employers hire temporary non-agricultural workers in an effort to help fill seasonal jobs during the busy upcoming summer tourist season.
After becoming president, he showed a similar inability to play it straight with valuable information. Asked if he'll share it with Trump ahead of time again, Kudlow responded, "I have no idea".
President Trump pumps his fist to the crowd as he arrives at Ellington Field Joint Reserve Base in Houston, Texas on May 31, 2018.
By 11:00 a.m. the Dow Jones industrial average was up 206.23 points to 24,622.01.
The economy has strengthened during his time in office, though many metrics are mostly consistent with the post-financial-crisis recovery that began in 2009. That was higher than the growth of 188,000 positions that economists had expected.
Any early release of the information could, therefore, affect markets. The embargo on Executive Branch employees talking about the numbers is "to create in the minds of the public the clearest possible separation between when the nerds speak and when the politicians spin", says Justin Wolfers, professor of economics and public policy at University of MI.