Trump attacks Fed Chair Powell as danger signs flash in US jobs market
The Labour Department's employment report for July showed employers added just 73,000 jobs, and revisions for May and June suggest hiring was weaker in those two months that initially thought.
Mr Trump's renewed his attack on Mr Powell, calling him a 'stubborn moron' after the Fed on Wednesday paused the cutting of interest rates.
'Too Little, Too Late. Jerome 'Too Late Powell is a disaster. DROP THE RATE! The good news is that Tariffs are bringing Billions of Dollars into the USA!' Mr Trump wrote on Truth Social.
He also urged the Federal Reserve board to assume control if Mr Powell continues to refuse to lower interest rates.
Economists polled by Reuters had thought July's jobs number would be 110,000. The unemployment rate ticked up to 4.2 per cent. The dollar weakened and the stock market slumped, with the Nasdaq down more than 2 per cent in early trading.
Brian Jacobsen, chief economist at Annex Wealth Management, said Mr Powell might have lowered interest rates on Wednesday if he 'knew then what he knows now'.
'There's no way to pretty-up this report. Previous months were revised significantly lower where the labour market has been on stall-speed,' he said, predicting a rate cut at the next Fed meeting.
The unexpectedly weak report raises questions about the health of the job market and the economy amid Mr Trump's radical efforts to reshape US trade policy. Late on Thursday, he unveiled hefty tariffs on imports from across the globe.
'President Trump is using tariffs as a necessary and powerful tool to put America first after many years of unsustainable trade deficits that threaten our economy and national security,' the White House said.
Also weighing on the economy is an anticipated drop in foreign workers as Mr Trump pushes ahead with efforts to deport immigrants who do not have authorisation, although he has suggested farmers and hoteliers might be spared wholesale round-ups of their staff.
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