Economic Data Criticism by Fox Business Host
On Monday, Fox Business host Charles Payne criticized the recent economic data released by the Bureau of Labor Statistics (BLS), labeling it as “bad” and “outdated.” He supported President Trump’s decision to dismiss the head of the agency.
Following Trump’s dismissal of Erika Mentarfer, the Labor Statistics Commissioner, after the much-anticipated July employment report—which also notably revised figures for May and June downwards—Payne expressed his frustration on “Fox and Friends.” This came after co-host Sandra Smith presented a clip of Democrat Senator Alex Padilla calling for an investigation into Mentarfer’s firing.
Payne remarked, “President Trump pointed out that the Friday work report revealed significant errors in the data, indicating there’s a need for new leadership.” When asked by Smith if he agreed, Payne responded emphatically, saying, “Thousand percent. We’re currently in an FOMC meeting, and just last Wednesday, two members of the Fed suggested cutting fees.”
Payne went on to reference Chris Waller’s speech on July 17, highlighting three key points: the one-off nature of tariffs, the notion that price levels do not drive inflation, and the preference for a neutral monetary policy instead of a restrictive one.
Waller, who is a potential candidate for the Federal Reserve Chairman position, stated during his address that economic growth appears to be slowing and job growth is stagnating. The Biden administration acknowledged that it had overestimated job creation by more than 800,000 jobs in August 2024.
Payne emphasized, “We’ve been discussing this on the show for over a year now; this data is pitiful. We already know how many people are struggling out there. Daily credit card data shows trends that are concerning. Why do we have to wait 90 days for these figures to be revised?” He added that constituents in Padilla’s district should also be upset given the current economic conditions.
“Credit card rates are skyrocketing, making it difficult for people to purchase homes. If he’s okay with that situation for his constituents, well, that’s troubling,” Payne continued. “In the harsh reality of life, when performance is poor for so long, people lose their jobs. That’s the truth.”
Amid this backdrop, tensions are rising between Trump and Powell over the Fed’s reluctance to cut interest rates, with Trump suggesting that Powell is “too late” to take action.
