WASHINGTON – US President Donald Trump has once again lashed out at Federal Reserve Chair Jerome Powell, following a new employment report from Automatic Data Processing Inc. (ADP).

The report showed that private-sector job growth in the United States added only 37,000 positions in May 2025, the lowest figure since March 2023.

Trump reacted swiftly on the social media platform Truth Social: “ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE. He is unbelievable!!!”

He also compared the Fed’s pace to that of the European Central Bank (ECB), writing, “Europe has lowered NINE TIMES!”—a direct pressure on the Fed to respond to the slowing economy.

Reports indicated that last week’s meeting between Trump and Powell at the White House was heated.

White House Press Secretary Karoline Leavitt, quoted by CNBC, said the President told Powell he had made a major mistake by not lowering interest rates—arguing that it was causing the US to fall behind China and other nations.

Nevertheless, Powell reiterated that monetary policy should be based on objective economic data, not political pressure.

ADP, a private payroll data provider, reported just 37,000 jobs added in May—far below the 110,000 expected by Dow Jones analysts.

Although ADP data often diverges from the official US Bureau of Labor Statistics (BLS) report, the result signals a weakening in the labour market’s capacity to absorb workers.

The BLS report, scheduled for release two days after ADP’s, is expected to show an increase of 125,000 jobs.

While the BLS figures are more closely watched by markets, ADP’s report is often seen as an early indicator of labour market conditions.

Meanwhile, the ECB is preparing to cut interest rates again on Thursday (5/6), as inflation eases and economic growth weakens. If carried out, it will mark the bank’s eighth rate cut.

Since returning to the presidency in 2025, Trump has kept up a barrage of criticism against Powell, at one point labelling him a “major loser” and mockingly calling him “Too Late Powell.”

Although Trump previously threatened to fire Powell before his term ends in May 2026, he stated in April that he had “no intention” of doing so. Still, verbal attacks on the Fed chair have persisted. (EF/ZH)