Investors have long parsed economic reports on the labor market or inflation to help determine prices for stocks and bonds. But after weak jobs data on Friday prompted President Trump to fire Erika McEntarfer, the top Bureau of Labor Statistics official, the sacrosanct importance of U.S. government data to investors suddenly came into doubt.

Bureau of Labor Statistics chief Erika McEntarfer oversaw a July jobs report that the president claims was rigged

President Donald Trump was fuming about the July jobs report signaling a significant slowdown in the economy when he recalled one of his simmering resentments: the statistician overseeing the tabulation of the monthly figures was appointed by former President Joe Biden.