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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

Bryan Walsh, author of Future
Updated 8 hours ago - Technology

A dark view of the future of autonomous weapons

A still from the video "If Human: Kill ( )." Image: Future of Life Institute

A new short film warns of the coming risks posed by the development and proliferation of lethal autonomous weapons.

Why it matters: Drones with the ability to autonomously target and kill without the assistance of a human operator are reportedly already being used on battlefields, and time is running out to craft a global ban of what could be a destabilizing and terrifying new class of weapon.

Updated 9 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Coronavirus variant surveillance varies widely by state — Omicron cases confirmed in 5 U.S. states America probably won't lead the effort to understand Omicron.
  2. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Moderna loses patent battles tied to COVID vaccine — Pfizer could have vaccine data for children under five by end of 2021, CEO says.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate — Omicron travel bans are sign of what's to come.
  4. World: WHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming — Germany approves new restrictions for unvaccinated people.
  5. Variant tracker: Where different strains are spreading.
Updated 14 hours ago - Politics & Policy

Prosecutors charge parents of Michigan school shooting suspect

Photo: Scott Olson/Getty Images

The parents of a 15-year-old accused of killing four students and wounding seven other people at a Michigan high school have been charged with four counts of involuntary manslaughter, according to court documents.

The latest: Lawyers for James and Jennifer Crumbley told the Detroit News they are "returning to the area to be arraigned," after law enforcement officials announced a search for the Crumbleys had been initiated.