US President Donald Trump launched a sharp attack on Federal Reserve Chair Jerome Powell after a report showed private sector job creation in May plummeted to its lowest in years. According to ADP, only 37,000 jobs were added last month—well below the Dow Jones forecast of 110,000. Taking to Truth Social, Trump wrote, “ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!”
ADP Chief Economist Nela Richardson noted that hiring momentum has weakened after a strong start to the year. The full employment report from the Bureau of Labor Statistics is expected Friday. Trump, now in his second term, has repeatedly criticized Powell for not slashing interest rates during periods of weak economic data. Powell, however, has maintained that rate decisions remain independent of political pressure.
Job Losses Across Key Sectors
The ADP report revealed that goods-producing industries lost a net 2,000 jobs in May. Specifically, the natural resources and mining sectors shed 5,000 jobs, and manufacturing saw a decline of 3,000. In contrast, the leisure and hospitality sector added 38,000 jobs, while financial activities added 20,000. However, the report also noted losses in professional and business
