💥US President 🇺🇲 Donald Trump renewed his pressure on 🎖️Federal Reserve Chairman 🏦 Jerome Powell, calling for an immediate cut in interest rates, following the release of the private sector jobs report for May, which showed a sharp slowdown in employment.
🌀 In a post on Truth Social, Trump wrote, "The ADP report is out, it's too late, Powell, interest rates must be cut now, it's unbelievable, Europe has cut rates 9 times."
🚨 These statements came after ADP data showed that the US economy added only 37,000 jobs in May compared to expectations of 110,000 jobs, raising concerns about a slowdown in economic growth.
🧭 "ADP" is an abbreviation for Automatic Data Processing, a leading company in providing human resource management solutions. It publishes the monthly employment report, which provides employment data in the private sector and is considered a key reference for the jobs report in the United States. The ADP employment report is typically released on the first Wednesday of each month and covers data from the previous month.
💥Trump has repeatedly criticized Powell in recent weeks, describing him as "always late" and "foolish," arguing that the Federal Reserve is ignoring indicators of declining inflation and energy and commodity prices, which justifies his opinion.
