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Friday's report on the jobs market was positive — the U.S. added 223,000 jobs in May (up from 164,000 jobs added in April) and the unemployment rate dropped to 3.8%.

Yes, but: We knew good news was coming before the report came out because of a tweet from President Trump — and that may have impacted the market. Axios' Steve LeVine points out the tweet (seen below) sent an indicator of good news coming down the pipeline, leading to a surge of market activity before the official report was released.

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Why it matters: Trump may have violated a major 1985 law stating employees from the executive branch, who receive "prerelease distribution of information and data estimates," are responsible in ensuring that information isn't revealed before the report's official release.

  • Trump did tip off traders with his tweet.
  • Of note: No one is accusing Trump of giving anyone the news privately so they could trade on it early. He is accused solely of the 1985 violation.

But the market did react to his tweet, according to Bloomberg's Lisa Abramowicz:

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

This isn't the first time the administration has done something like this. Former Press Secretary Sean Spicer released jobs numbers prematurely for the first report of the Trump administration in 2017 — as the LA Times pointed out, 22 minutes after the report was released (which is before the 1-hour waiting period required by the law).

Yes, but: Even with good jobs news, interest rates could still be on the rise. LeVine says economists say rising wages will prod the Fed to accelerate its steady increase in interest rates. When interest rates go up, that can act as a break on the economy, but also raise the cost of major consumer purchases, like for cars and houses.

Mark Zandi, chief economist at Moody's Analytics, tells Axios:

"Wage pressures are developing, and inflation will follow later this year and next. The Fed will have no choice but to raise interest rates more quickly."

Editor's note: This article has been updated with further information.

Go deeper

Updated 58 mins ago - World

U.S. releases report finding Saudi prince approved Khashoggi operation

Photo: Bandar Algaloud / Saudi Kingdom Council / Handout/Anadolu Agency via Getty Images

The Office of the Director of National Intelligence (ODNI) has released an unclassified report assessing that Saudi Crown Prince Mohammed bin Salman (MBS) approved the operation to "capture or kill" Washington Post journalist Jamal Khashoggi in 2018.

Driving the news: The White House also announced sanctions on entities implicated in the murder, though not on MBS directly. Officials also announced a new "Khashoggi ban" under which individuals accused of harassing journalists or dissidents outside their borders can be barred from entering the U.S.

About 20% of U.S. adults have received first vaccine dose, White House says

Joe Biden speaks during an event commemorating the 50 million COVID-19 vaccine shots. Photo: Doug Mills-Pool/Getty Images

Nearly 1 in 5 adults and nearly half of Americans 65 and older have received their first dose of the coronavirus vaccine, White House senior adviser Andy Slavitt said on Friday.

The big picture: The Biden administration has previously said it has secured enough doses to vaccinate most of the American population by the end of July.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Most COVID-19 survivors can weather risk of reinfection, study says — "Twindemic" averted as flu reports plummet amid coronavirus crisis
  2. Vaccine: Employers mull COVID vaccine requirements — New data reignites the debate over coronavirus vaccine strategyPfizer begins study on 3rd vaccine dose as booster shot against new strains.
  3. Economy: What's really going on with the labor market.
  4. Local: All adult Minnesotans will likely be eligible for COVID-19 vaccine by summer — Another wealthy Florida community receives special access to COVID-19 vaccine.
  5. Sports: Poll weighs impact of athlete vaccination.