The May employment report delivered a stronger-than-expected performance, fueling optimism across markets and a full-throated celebration from President Donald Trump—who simultaneously stepped up his public campaign to push Federal Reserve Chair Jerome Powell toward cutting interest rates.
Nonfarm payrolls rose by 139,000 last month, topping forecasts of 130,000. Wage growth also beat expectations, with average hourly earnings climbing 0.4% month over month and 3.9% year over year. The unemployment rate held steady at 4.2%.
Trump reacted swiftly on Truth Social, hailing the numbers as proof of the economy’s continued strength under his leadership:
“Great job number, stock market up big!,” Trump wrote.
But beyond celebration, the president issued another sharp call for aggressive monetary easing, targeting Powell directly.
“‘Too Late’ at the Fed is a disaster!” Trump posted.
“Europe has had 10 rate cuts, we have had none. Despite him, our Country is doing great. Go for a full point, Rocket Fuel!”
He added that “borrowing costs should be much lower,” indicating that inflation is no longer a concern and that delaying action would “cost our Country …