President Donald Trump on Wednesday called on Federal Reserve Chairman Jerome Powell to lower interest rates after ADP reported weak jobs data.
“ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!” Trump wrote in a post on Truth Social.
Companies in the private sector added just 37,000 jobs in May, payroll processing firm ADP said Wednesday.
The figure is well below economists’ estimates of 110,000 jobs and down from the prior month’s revised reading of 60,000.
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