President Donald Trump on June 4 repeated his demand for Federal Reserve chair Jerome Powell to cut interest rates.
“ADP number out! ‘Too Late’ Powell must now lower the rate,” Trump said in a Truth Social post. “He is unbelievable! Europe has lowered nine times!”
Trump’s remarks came minutes after the worse-than-expected ADP jobs report.
According to the payroll processor’s National Employment Report, private payrolls rose by just 37,000 in May, the lowest increase since March 2023.
The disappointing number comes days before the Bureau of Labor Statistics releases the May jobs report. Early forecasts suggest the U.S. economy added 130,000 new jobs last month….