The Trump administration is blaming Federal Reserve Chair Jerome Powell for a disappointing jobs report, the first released since the president fired the Bureau of Labor Statistics Commissioner for allegedly releasing inaccurate numbers. BLS’ August numbers revealed only 22,000 new jobs and a 4.3% unemployment rate.
“Jerome ‘Too Late’ Powell should have lowered rates long ago. As usual, he’s ‘Too Late!’” Trump wrote on Truth Social.
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White House blames the Federal Reserve
The White House went further and said the president has created more than half a million jobs in the private sector that have all gone to American workers. The administration called on the Federal Reserve to cut the rates.
“Clearly, President Trump is implementing the most aggressive pro-growth agenda in our country’s history, but this agenda continues to be held back by Jerome ‘Too Late’ Powell’s foolish refusal to admit that President Trump is right about everything,” Press Secretary Karoline Leavitt said in a statement.
Democrats blame Trump’s tariffs
On the other side of the aisle, Democrats are citing the jobs report as proof that Trump’s tariff and economic policies are hurting everyday Americans.
“Month after month, Trump’s tariffs & economic policies are drying up job openings & damaging our economy,” Rep. Suzan DelBene, D-Wash., said in a statement. “Today’s meager jobs report — and previous months now showing job LOSSES — highlights the real cost to Americans.”
“Inflation is heating up, prices and unemployment are both rising, and job growth is weakening sharply,” Rep. Don Beyer, D-Va., stated. “All thanks to Trump’s tariffs.”
What are the chances of an interest rate cut?
After the jobs report was released, CME’s FedWatch projected there is a 100% chance the Fed will cut interest rates at its Federal Open Market Committee meeting on Sept. 16-17.
According to FedWatch, there is a 90.1% chance the Fed will set the target rate at 4-4.25% and a 9.9% chance the Fed will lower the target rate to 3.75-4%. There is a 0% chance the Fed will keep the current target rate of 4.25-4.5%.
Revised numbers from June and July
The BLS monthly employment summary also revealed there was a net loss of jobs in June. Total non-farm payroll was revised down by 27,000 from a gain of 14,000 to a loss of 13,000. July’s numbers were revised up to 79,000.
Average hourly earnings for all employees went up by 10 cents in August to $36.53.
