Posted on 06/04/2025 7:06:02 AM PDT by thegagline
President Donald Trump is lashing out on social media. Jerome Powell is on the receiving end of today's ire.
Powell, the Federal Reserve chair who is slowly cutting back interest rates to minimize the risk of continued inflation, is caught in the President's crosshairs after a paltry jobs report.
US private payrolls increased far less than expected in May, the ADP National Employment Report showed on Wednesday.
Private payrolls increased by only 37,000 jobs last month, a far cry from analyst projections and the worst private job hiring slump since March 2023.
Economists polled by Reuters had forecast private employment increasing 110,000 following a previously reported gain of 62,000 in April.
'ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE,' Trump said in the post.
'He is unbelievable!!! Europe has lowered NINE TIMES!'
The European Central Bank has only cut interest rates seven times, with its latest slashing coming in mid-April.
The ADP report comes two days before the more in-depth Labor Department's Bureau of Labor Statistics analysis, which drops on Friday.
There is no correlation between the ADP and BLS employment reports.
But Trump's social media anger comes as investors continue to raise worries about the independence of America's central bank from political intrusion.
The President has mounted a sustained pressure campaign, relying on personal attacks on Powell, to decrease the interest rates that have remained above four percent.
Fed officials have a joint mandate: to promote price stability and maximum employment.
Price stability has been a major weakness in the US economy, with consumer inflation reaching over nine percent in 2022 as supply chains rebooted after the Covid pandemic.
The Fed cut rates in September, November, and December 2024 to support employment after inflation had cooled.
(Excerpt) Read more at dailymail.co.uk ...
“Worst Hiring Slowdown in Years”
Worst hiring slowdown since SloJo, they mean.
Most of the companies I have worked for have one of two hiring strategies:
1. Hiring for a specific position.
2. Fishing
The ones who fish are constantly looking for the “better” employee. They will interview with no real intention to hire unless they find a unicorn…someone over qualified that is willing to work for a pittance. Then they will fire their lowest performing employee and replace him with the unicorn.
You are ill-informed or like most Freepers don’t bother reading beyond the headline.
ADP’s report measures only PRIVATE payrolls — it has zero to do with government job totals
Lowering the deficit would help, but the Fed has acted before to buy bonds to keep rates low: interest on the debt alone is $1 trillion per year and most of that money goes to the Fed as the biggest bond owner. I don't want my taxes going to the Fed.
Good heavens, are you deliberately obtuse?
The nationwide employment situation report comes out the first Friday of every month, unless Friday is the first day of the month.
The next one is THIS Friday, not mid-month.
That includes the nonfarm payrolls report (establishment survey) and the unemployment rate (via the household survey)
I can’t believe how God-awful the level of ignorance is on this board.
Like I said most job listings are fake as Companies post jobs they have no intention of filling but I am sure they have some regulation they have to post them.
Are you aware that there are two different jobs reports?
What You Need to Know About the Employment Report (Household Survey)
From the BLS: Why are there two monthly employment measures?
The JOLTS report is released monthly, typically about five weeks after the end of the reference month. It is usually published on the first Tuesday of each month at 10:00 a.m. Eastern Time, resulting in a lag of about five weeks between the end of the data month and the report's release.
The results of the Household Survey are published as part of the monthly "Employment Situation" report. This report is typically released on the first Friday of each month at 8:30 a.m. Eastern Time. It covers data for the previous month, providing a much shorter lag of one week after the reference month ends.
So the reports lag by a few days instead of a few weeks. I'd hardly call that being "deliberately obtuse" or a "God-awful the level of ignorance."
-PJ
LOL- using “some else’s money”? Let’s rnd all loans then
The ADP number hardly ever matches or comes close to the BLS number.
Plus, the number under Trump will be lower than it would be under Biden, because Biden always padded the jobs numbers with government jobs, which were never needed anyway, as DOGE proved.
That same "controlling authority" that created covid to steal Trump's Presidency in 2020...LET Trump win in 2024...to get the blame when the SHTF...as the next phase in "the great reset" (American/west influence decline) is implemented.
Lesson NEVER learned by humanity, particularly among empires...
...never let parasites into your home....parasites do what parasites do...EAT THE HOST.
Soros types that show their azz should be "removed"...so too any/all shadow governments.
History shows..humanity's/gov.'s inability to do so will eventually bite us ALL in the azz.
Lol not sure thats true but there is specific criteria used when JOLTS calculates the job openings. They arent scanning want ads and indeed.com.
Many Companies post job openings but never fill them for various reasons plus add into the mix AI and ATS filtering out most candidates never have a chance to even get an interview or even contact from said company.It was explained to me that they can say hey we are looking for people but never follow through as they are not technically lying and can report to the Government they are hiring.
That’s a stretch.
The jab was voluntary. The fact that some people believed they would die without it didn’t make it mandatory for anyone else.
US Gov default will either be by inflation or stiffing classes of bondholders for the complete amount especially Social Securty. Who won’t be stiffed? Foreign governments and banks.
So higher taxes which tariffs are part of, bond default, and less spending.
“Expectations” again.
Obviously the businesses that are surveyed could be lying but Ive not seen evidence of such a large scale that half the jobs are fake and not immediately a available. So Ill take it with a grain of salt and still contend there are jobs open now for folks that want them. The fact is people dont want to work or they overvalue what they think they are worth. Currently 4.8 million able bodied Americans are simply choosing to live off of the tax payer.
“No. Interest rates are hurting the housing market. There is no sane reason the rates shouldn’t be lowered except the fact Powell is a left wing idealouge”
____________________________________________________________
Home mortgage interest rates are still near their historic lows. The really low rates we’ve seen have just been because the Fed flooded the economy with cash to prevent a Covid Great Depression.
https://www.bankrate.com/mortgages/historical-mortgage-rates/
EVERY disappointing Trump metric the MSM tosses at us is compared to some metric from the Biden Administration!
Did the MSM criticize Biden for his poor performance in March 2023?
Of course not!
“LOL- using “some else’s money”? Let’s rnd all loans then”
If you are not willing to pay me what my saved money is worth, absolutely!
It paints a completely different picture than the earlier JOLTS report.
-PJ
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