Trump slams Jerome Powell after hiring slowdown
President Donald Trump is lashing out on social media. Jerome Powell is on the receiving end of today's ire. Powell, the Federal Reserve chair who is slowly cutting back interest rates to minimize the risk of continued inflation , is caught in the President's crosshairs. Trump is blaming the chair for a paltry jobs report.
US private payrolls increased far less than expected in May, the ADP National Employment Report showed on Wednesday. Private payrolls increased by only 37,000 jobs last month after a downwardly revised 60,000 rise in April. The May report is far less than expected. It's the lowest ADP report since March 2023.
The European Central Bank has only cut interest rates seven times, with its latest slashing coming in mid-April. The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the more comprehensive employment report for May due to be released on Friday by the Labor Department's Bureau of Labor Statistics.
There is no correlation between the ADP and BLS employment reports. The labor market continues to ease amid economic uncertainty from tariffs.
Government data on Tuesday showed there were 1.03 job openings for every unemployed person in April, little changed from March. Private payrolls likely increased by 120,000 jobs in May after advancing 167,000 in April, a Reuters survey showed.
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