• Trump’s top economic adviser Stephen Miran acknowledged the July jobs report was “not ideal,” but blamed seasonal quirks, immigration shifts, and trade uncertainty now resolved by Trump’s economic agenda. He insists stronger growth is on the horizon thanks to new incentives in the One Big Beautiful Bill.

WASHINGTON, D.C. (TDR) — Stephen Miran, chairman of President Donald Trump’s Council of Economic Advisers, offered a candid assessment of July’s disappointing jobs report during a Friday interview with CNN’s Kate Bolduan. While admitting the data “isn’t ideal,” Miran argued that the weak numbers stem from temporary distortions rather than structural economic failures.

“Look, you know, this jobs report isn’t ideal. There’s no way around that,” Miran began, quickly attributing the disappointing figures to “quirks of the seasonal adjustment process” and broader demographic employment trends.

The July report, published Friday, showed substantial downward revisions to job growth in May and June. June’s jobs number, initially reported as 147,000 new positions, was revised down to a mere 14,000—marking the slowest pace of monthly job creation since December 2020.

But Miran offered a three-part explanation: First, roughly 60% of the decline came from seasonal anomalies, particularly in education-related employment. Second, Miran pointed to what he described as a “redistribution” of jobs away from foreign-born workers and toward American citizens. Third, he cited temporary uncertainty surrounding tariffs and trade policy, which he insisted has now been resolved.

“We’ve eliminated about a million jobs for foreign-born workers,” he said, “as a result of our strong immigration and border policy. But we’ve created 2.5 million for American-born workers. That’s a net positive shift for the American labor market.”

Miran emphasized that the Trump administration’s trade reforms—particularly the conclusion of tariff negotiations and the enactment of the One Big Beautiful Bill—are laying the groundwork for renewed investment and job creation. The bill includes full expensing for capital investment and research and development, a move Miran called “huge” for long-term economic growth.

“The One Big Beautiful Bill is now law,” Miran said. “There’s no more uncertainty over the tax bill either... it’s all going to get much, much better from here.”

Pressed by Bolduan on whether the recent volatility in jobs data is linked to Trump’s aggressive trade restructuring, Miran acknowledged the correlation but defended the administration’s broader strategy.

“Of course that was going to induce some uncertainty,” he said. “But that uncertainty is now resolved. The tariff rates are set. The global trading system is being restructured in ways that haven’t been done in decades.”

Miran’s comments come at a critical juncture for the White House. While the administration has touted its economic agenda as pro-worker and pro-growth, persistent volatility in labor market indicators has left some economists skeptical. Still, Miran remains bullish on the outlook, suggesting that current jitters are a side effect of major policy changes that will soon bear fruit.

Will the One Big Beautiful Bill deliver the boom Miran promises—or will the data tell a more complicated story come fall?

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