CNBC Daily Open: Bet on the Fed — not firings — to support jobs growth

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Taken from CNBC’s Daily Open, our international markets newsletter — Subscribe today

In August, after the release of the July jobs report — which drastically revised down previous months’ numbers — U.S. President Donald Trump accused then Bureau of Labor Statistics Commissioner Erika McEntarfer of manipulating data, and fired her.

Yesterday, the BLS announced that the U.S. economy had added 911,000 fewer jobs than previously reported, for the year preceding March 2025. “Downward revisions since the cutoff date in that report suggest that the reduction in payroll growth has been actually around 1.2 million for the past 16 months,” wrote CNBC’s Jeff Cox.

That’s a big and scary number. Jamie Dimon, CEO of JPMorgan Chase — America’s biggest bank — in a reaction to the most recent report, said “the economy is weakening. Whether it’s on the way to recession or just weakening, I don’t know.”