US President Donald Trump renewed his clash with Federal Reserve Chair Jerome Powell after new jobs data suggested hiring is slowing.
The private sector added just 37,000 jobs last month, down from 60,000 in April and well below the 110,000 expected by economists, according to research firm ADP.
Trump lashed out at “‘Too Late’ Powell” — despite inflation risks, the president has repeatedly urged the Fed to proactively cut rates, suggesting that he’d likely blame Powell for any coming slowdown, Axios wrote.
The labor market won’t provide the same buffer for the economy that it did in 2022 and 2023, economist Claudia Sahm warned, noting that job openings have dropped and workers aren’t moving between roles as frequently.
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