‘ADP NUMBER OUT!!!’ Donald Trump rages at Jerome Powell as jobs report hits rock bottom and recession fears mount

President Jerome Powell following the release of ADP’s latest jobs report, which showed the weakest employment growth in over two years.

According to MSNBC, the private payroll report revealed that only 37,000 jobs were added in May, marking the lowest increase since March 2023. This disappointing figure has intensified concerns about the state of the U.S. economy and fueled speculation about potential recession risks.

“ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE. He is unbelievable!!!” Trump wrote on Wednesday morning, continuing his persistent campaign to pressure the Federal Reserve into reducing interest rates. The outburst comes just a week after Trump’s first meeting with Powell since his second inauguration.

Jobs report discrepancy raises questions about economic stability

The president’s focus on the ADP report is notable, as it has historically shown significant variations from the official Bureau of Labor Statistics (BLS) data. In April, for instance, the BLS reported 177,000 new jobs, while ADP’s figure was only 62,000, later revised down to 60,000. Similar discrepancies have been observed in previous years, with BLS consistently reporting higher numbers.

The weak ADP report arrives amid growing concerns about Trump’s economic policies. The U.S. economy has shown several warning signs, including a GDP decline in the first quarter of 2024, the first such decrease since 2022. Additionally, consumer confidence has deteriorated, and spending patterns have shown a noticeable slowdown.

While job creation has remained relatively stable until now, economist Claudia Sahm suggests that any weakness in the official May jobs report could indicate reduced economic resilience. She notes that while it’s too early to fully assess the impact of tariffs and other policies on the labor market, current softening could increase recession risks.

Indeed, economist Allison Shrivastava has described the current job market as “distressingly gridlocked,” characterized by limited hiring and low employee turnover. She warns that the continuous cooling of the job market could eventually lead to more severe conditions. The official May jobs report from the Bureau of Labor Statistics, scheduled for release on Friday, is now highly anticipated and could provide crucial insights into the true state of the U.S. labor market.