WSJ What’s News: ‘Honest and Accurate’: Trump Names His Pick for Labor Data Body
Release Date: August 12, 2025
Host: The Wall Street Journal
1. President Trump's Nomination for Bureau of Labor Statistics
Azhar Sucri opens the episode by announcing President Trump's intention to nominate E.J. Anthony, the chief economist at the conservative Heritage Foundation, to lead the Bureau of Labor Statistics (BLS). This move comes after Trump dismissed the previous head of the BLS following a disappointing jobs report earlier in the month. Trump criticized the agency's economic data as being "rigged."
Azhar Sucri [01:19]: “Trump fired the agency's head following a weak jobs report earlier this month claiming that the agency's economic data was, quote, rigged.”
Quentin Webb, the deputy finance editor, provides a deeper analysis of the implications of this nomination. Webb highlights concerns about the declining response rates for BLS surveys, which may affect data reliability. He emphasizes the importance of the BLS being led by a non-partisan figure to maintain trust in the data, which is crucial for global markets and decision-making bodies like the Federal Reserve.
Quentin Webb [01:19]: “Once you start to pull away at that foundation, that could be very problematic for global markets.”
2. Upcoming Economic Data and Market Insights
The episode discusses the anticipation surrounding the upcoming Consumer Price Index (CPI) report scheduled for 8:30 AM Eastern Time. Economists surveyed by the Wall Street Journal predict a 2.8% year-over-year increase in prices, with the core CPI expected to rise to 3.1%, slightly higher than June's 2.9%.
Tellis Demos, co-host of WSJ's "Take on the Week," reflects on investor concerns regarding the reliability of economic data. Demos notes that despite discussions about economic uncertainties, the S&P 500 remains near all-time highs, indicating selective market confidence.
Tellis Demos [02:54]: “The market has been, you know, it went down a little bit after the jobs report. It went kind of back up. I think we're sort of still in the neighborhood of all-time highs for the S and P.”
3. U.S.-Russia Summit and the Future of Ukraine
With the Trump-Putin summit imminent in Alaska, Yaroslav Trofimov, WSJ's chief foreign affairs correspondent, delves into Russia's objectives and the precarious situation in Ukraine. Trofimov explains that Putin aims to install a puppet regime or possibly annex Ukraine entirely, viewing President Zelenskyy as illegitimate and thus refusing to engage in direct talks.
Yaroslav Trofimov [04:30]: “Peace in Ukraine is realistic if President Putin decides that it's in his interest to end the war. And right now he doesn't seem to be interested in that...”
Trofimov further discusses Russia's strategic positioning, suggesting that any business concessions from the U.S., such as energy and infrastructure deals, would serve as geopolitical victories for Putin, enhancing Russia's status on the global stage.
Yaroslav Trofimov [05:00]: “For Putin, really, it's a win-win situation... he gets to get what Russia always desired, a meeting on equal terms with the United States.”
Despite Moscow's proposal for a ceasefire that includes territorial gains in eastern Ukraine, Zelenskyy and European leaders have rejected the terms, advocating instead for alternate peace proposals to initiate meaningful negotiations.
4. China’s Dominance in Global Shipbuilding Amid U.S.-China Rivalry
The episode transitions to the maritime sector, highlighting China's strategic expansion in shipbuilding. A significant $16 billion merger between China State Shipbuilding and China Shipbuilding Industry is set to create the world's largest shipbuilder, commanding nearly 17% of the global market.
Clarence Leong, Journal reporter, outlines China's overwhelming dominance, noting that Chinese-built ships account for over half of the global tonnage compared to the U.S.'s less than 0.05%.
Clarence Leong [07:05]: “Chinese built ships account for more than half of the global tonnage and according to data last year that share was 55% compared with less than 0.05% for the U.S.”
Leong discusses President Trump's efforts to revive American shipbuilding, which face challenges due to China's entrenched position. The U.S. has threatened hefty port fees on Chinese ships, deterring new orders from Chinese shipyards and potentially benefiting shipbuilding nations like Japan and South Korea.
Clarence Leong [08:52]: “President Trump wants to revive American shipbuilding. It's a flagship policy... strategically important because during times of war commercial vessels will also probably have to play the role of supplying the operations on the front line.”
The merger signifies China's intent to bolster its shipbuilding capacity further, aiming to maintain its global supremacy despite U.S. trade tensions and strategic challenges.
5. Environmental and Corporate News
General Electric and United Nuclear have reached an agreement to clean up uranium mine waste at sites in New Mexico and the Navajo Nation. The $60 million deal, announced by the Justice Department, involves the removal of approximately 1 million cubic yards of waste, a project expected to span over a decade.
In corporate news, Eastman Kodak faces financial distress as it warns of potential difficulties in meeting debt obligations. The company reported a $26 million loss for Q2, maintaining the same loss as the previous year but lacking committed financing or available liquidity. This financial strain has led to a 6% decline in Kodak's stock during after-hours trading.
Conclusion
Azhar Sucri wraps up the episode by summarizing the key points and acknowledging the producers, Daniel Bark and Sandra Kilhoff. The episode provided a comprehensive overview of significant economic, political, and corporate developments impacting global markets and geopolitical landscapes.
Azhar Sucri [10:19]: “I'm Azhar Sucri for the Wall Street Journal. We'll be back tonight with a new show. Until then, thanks for listening.”
Key Takeaways:
- President Trump’s nomination of a partisan figure for BLS leadership raises concerns about data reliability and market trust.
- Upcoming CPI data suggests modest inflation, with mixed signals in wholesale prices and business inventories.
- The Trump-Putin summit highlights ongoing tensions over Ukraine, with Russia positioning itself favorably on the global stage.
- China's strategic merger in shipbuilding underscores its dominance amidst U.S.-China maritime rivalry.
- Environmental cleanup efforts and corporate financial struggles, such as those faced by Kodak, impact specific sectors and stakeholders.
This comprehensive summary captures the essential discussions, insights, and conclusions from the WSJ What's News episode, providing valuable information for listeners and non-listeners alike.