I also weighed in, writing: "Trump broke with decades of protocol and commented publicly about jobs report data about an hour before they were released by the Bureau of Labor Statistics".
The new numbers also indicate that the gap between black and white unemployment has never been smaller, according to the Bureau of Labor Statistics.
Officials at the White House Council of Economic Advisers and the National Economic Council did not immediately respond to questions about whether Trump had been briefed about the report Thursday. Eastern Time the next morning.
"He clearly knew something, and was telling us", said Eric Hunsader, the founder of Nanex, a company that supplies market data to the financial industry. "I just want to interject this radical notion: The jobs report was really good, the economy is doing really well".
Trump was foreshadowing a glowing unemployment report that showed the jobless rate dipped to an 18-year low of 3.8 percent.
He'd put out a tweet one hour in advance of the official announcement, writing, "Looking forward to seeing the employment numbers at 8:30 this morning". "And I think this is all according to routine, law and custom", Kudlow told CNBC. There was a noticeable reaction in some markets, with the dollar climbing in the wake of the tweet as benchmark Treasury yields extended their advance to new highs for the day.
Washington has long tried to prevent market-moving data like the employment numbers from being prematurely released.
All employees of the Executive Branch who receive prerelease distribution of information and data estimates as authorized above are responsible for assuring that there is no release prior to the official release time. There are government procedures for officials who handle undisclosed numbers that require a delay of commenting until one hour after they're released.
The goal of the rule should be self-evident.
The jobs data come out once a month, and often can lead to massive buying or selling trends on Wall Street depending on how the information is received. Globally, the US government is considered a gold standard in terms of the quality and reliability of the information it releases - not a reputation worth trashing for a tweet. "It's not classified information, but it is market sensitive". It's because of this that the rule was adopted in the first place.
Trump and his administration have run afoul of the rule before, but only after the data was released.
"You should have gotten the employment numbers from the Council of Economic Advisers yesterday", Furman wrote. All of these people, including the President are governed by the same rule. We then would have waited until 9:30 a.m. Friday to share our enthusiasm, and the news, with the public.
Trump's supporters revere this mold-breaking approach, but it has created an environment in which information that has always been closely held by the government is now fair game for Trump to reveal through a Twitter post or a casual remark.
President Donald Trump tweeted early on Friday that he was "looking forward" to the May jobs report, which he had access to the night before. That's why this violation of a long-standing norm, and potentially the law, is important.