Trump has accused previous non-farm payrolls data of fraud

Non-farm payrolls are likely to fall by 818,000 in the 12 months to March, according to Politico. The new data could affect how Federal Reserve Chairperson Jerome Powell handles the Fed's upcoming meeting in September, which is widely expected to see the first rate cut. Some market participants said the revision supported claims that the Fed would cut interest rates by up to 50 basis points. The strong performance of the labour market in the face of high interest rates and inflation provided a major economic boost to the Biden and Harris camps' efforts to defeat Trump in November. However, as Wall Street prepares for a major revision of the non-farm payroll data, Trump has accused the previous monthly data of being "fraud". In his speech on Tuesday, Mr. Trump said: "Reports of fraudulent jobs data over the past period are a serious insult to our economy because we saw good data but not great data, and now we see data, adjusted, that is a disaster." Mr. Trump warned that the current economic situation would be much worse than reported, predicting dire consequences if Mr. Harris were elected in November.