U.S. Jobs Data Controversy Sparks Market Turmoil and Political Debate

CNBC's Daily Open highlights a turbulent week in the U.S. economy, marked by significant downward revisions in May and June employment data by the Bureau of Labor Statistics (BLS). In a controversial move, President Donald Trump dismissed BLS Commissioner Erika McEntarfer, citing political bias and data manipulation, drawing bipartisan criticism and comparisons to data suppression practices seen elsewhere. The firing followed a sharp decline of 258,000 jobs in the revised figures, prompting market volatility; major indices experienced their worst day in months, reflecting investor concerns amid impending tariffs that threaten to further slow economic growth. The report also notes a slowdown in U.S. job creation, with July adding only 73,000 new nonfarm payrolls—below expectations—and a slight rise in unemployment to 4.2%. The incident underscores ongoing debates over data integrity and political influence in economic reporting. Meanwhile, in the corporate sector, BYD reports its first monthly delivery decline in 2025, and U.S. stock markets see their worst performance in recent months. Globally, markets like Singapore's are experiencing bullish trends, and developments in autonomou...