Core Points - The U.S. labor market is showing signs of significant cooling, with July's unemployment rate rising and non-farm payrolls underperforming expectations [1][4] - President Trump expressed dissatisfaction with the employment data and ordered the dismissal of the Labor Statistics Bureau director, accusing her of manipulating data for political purposes [1][7] - Economic indicators suggest a downward trend in the U.S. economy, with GDP growth in the first half of the year at only 1.4%, below the potential growth rate of 1.8% [4] - Manufacturing PMI dropped to 48, indicating contraction, with new orders and employment indices also reflecting a decline [4] - Trump has been pressuring the Federal Reserve to lower interest rates, aiming to manage the national debt of $36 trillion through cheaper financing [8] Economic Indicators - July's unemployment rate increased, and non-farm payrolls were significantly revised down for May and June, indicating a cooling labor market [1] - The manufacturing PMI fell to 48, with the new orders index declining sharply due to trade tensions [4] - The employment index reached a five-year low at 43.4, and unemployment claims exceeded expectations, further signaling labor market deterioration [4] Political Interference - Trump's actions, including the dismissal of the Labor Statistics Bureau director and calls for the resignation of Federal Reserve Chairman Powell, reflect increasing political interference in economic institutions [7][8] - The pressure on the Federal Reserve to lower interest rates is seen as a strategy to alleviate the burden of national debt, but it raises concerns about the independence of the Fed [8]