President Trump renewed his calls for Federal Reserve Chair Jerome Powell to slash interest rates, voicing his displeasure on Truth Social following the release of weaker-than-anticipated ADP jobs data. His post stated, “ADP number out! ‘Too Late’ Powell must now lower the rate. He is unbelievable! Europe has lowered nine times!”

Trump’s criticism came swiftly after the ADP National Employment Report revealed that private sector job growth in May was a mere 37,000 – the weakest increase since March 2023. This significantly underperformed expectations and casts a shadow over the upcoming official jobs report from the Bureau of Labor Statistics.

The disappointing ADP figures arrive just days ahead of the official May jobs report. Current forecasts predict a considerably more optimistic figure of 130,000 new jobs added last month. However, the underwhelming ADP data raises concerns about the overall health of the US economy and the pressure it puts on the Federal Reserve’s policy decisions. Will Powell yield to Trump’s pressure, or will he maintain his course?