WASHINGTON ― President Donald Trump ramped up his call for Federal Reserve Chair Jerome Powell to lower interest rates in response to new data showing U.S. employers in May added the fewest number of workers in more than two years.
Private employers added only 37,000 jobs in May, according to the ADP National Employment Report released on June 4, significantly fewer than the 110,00 jobs that economists polled by Reuters had predicted. It was the smallest gain ADP has monitored since March 2023.
"ADP NUMBER OUT!!!" Trump said in a post on Truth Social. "'Too Late' Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!"
More: Long-term unemployment hits 2-year high as hiring slows amid economic uncertainty
Leisure, hospitality and financial sectors produced the most newly added jobs in May, according to the report, while 3,000 jobs were lost in manufacturing ‒ an area that Trump has tried to rejuvenate with his sweeping tariffs on imports.
