Donald Trump on Wednesday demanded that Federal Reserve Chair Jerome Powell cut interest rates following a weak private sector jobs report. “ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE. He is unbelievable!!!” Trump posted on Truth Social, minutes after ADP reported just 37,000 new private sector jobs in May.
Hiring has now slowed for two consecutive months, with ADP chief economist Nela Richardson warning that momentum is fading. Trump, who met with Powell last week, has long pressured the Fed to lower rates, despite previously cutting them three times in 2024.
The White House has blamed the Fed for economic stagnation, but many businesses point to Trump’s tariff policies and ongoing trade uncertainty as key factors affecting hiring.
Trump noted that Europe has already slashed interest rates, though those decisions followed broader economic weakness. Economists now await Friday’s government jobs report, with forecasts predicting 125,000 new positions.
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