Editor's PiCK
ADP Nonfarm Payrolls Fall Short of Estimates…Trump Says 'Rates Must Be Cut Immediately'
Son Min
Summary
- The U.S. May ADP nonfarm payrolls came in well below Wall Street's estimates.
- President Donald Trump strongly urged the Fed for a rate cut after the ADP figures were released.
- Trump noted that Europe has already conducted 9 rate cuts and emphasized the need for a prompt response from the Fed.
Former U.S. President Donald Trump mentioned the ADP nonfarm payrolls data and pressed Jerome Powell, Chair of the Fed, for a prompt rate cut.
On the 4th (local time), Trump said through Truth Social, "The ADP numbers are out," and added, "'Too Late Powell' must cut rates immediately." He continued, "He is truly unbelievable. Europe has already cut rates 9 times."
Meanwhile, the U.S. ADP nonfarm employment index for May, released earlier, was 37,000, significantly below Wall Street's forecast of 111,000. This marks the smallest increase since March 2023.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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