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Donald Trump called on Jerome Powell to lower interest rates.
Trump said, “Too Late Powell must now LOWER THE RATE.”
ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!
This comes after the ADP jobs report showed hiring slowing.
It was the lowest number since March of 2023.
Private sector job creation slowed to a near-standstill in May, hitting its lowest level in more than two years as signs emerged of a weakening labor market, payrolls processing firm ADP reported Wednesday.
Payrolls increased just 37,000 for the month, below the downwardly revised 60,000 in April and the Dow Jones forecast for 110,000. It was the lowest monthly job total from the ADP count since March 2023.
The report comes two days before the more closely watched nonfarm payrolls count from the Bureau of Labor Statistics, which is expected to show a gain of 125,000 and the unemployment rate steady at 4.2%.
While the two reports often differ, occasionally by large margins, the ADP count provides another snapshot of the jobs picture at a time when questions are being raised over broader economic conditions.
Time to cut rates!