President Trump demanded on Wednesday that Federal Reserve chair Jerome Powell lower interest rates, minutes after an economic report showed sluggish private sector hiring in May.
Why it matters: Trump, who met with Powell last week, has been pressuring the Fed to lower borrowing costs since taking office.
The trade war has made businesses apprehensive about hiring, though Trump pointed to the Fed’s interest rate policy.
What they’re saying: “ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE. He is unbelievable!!!,” Trump posted on Truth Social, referring to the payrolls company that releases monthly private-sector hiring data.
ADP said that the private sector added just 37,000 jobs in May, the second straight month the report showed muted hiring.
“After a strong start to the year, hiring is losing momentum,” ADP chief economist Nela Richardson said in a press release.
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Author: Dillon B
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