Trump slams Fed chair Powell after hiring slowdown

• The trade war has made businesses apprehensive about hiring, though Trump pointed to the Fed's interest rate policy.

What they're saying: "ADP NUMBER OUT!!! "Too Late" Powell must now LOWER THE RATE. He is unbelievable!!!," Trump posted on Truth Social, referring to the payrolls company that releases monthly private-sector hiring data.

• ADP said that the private sector added just 37,000 jobs in May, the second straight month the report showed muted hiring.
• "After a strong start to the year, hiring is losing momentum," ADP chief economist Nela Richardson said in a press release.

Between the lines: Trump's comments suggest that the White House might use Powell as a scapegoat if the economy slows, even though businesses report Trump's tariffs and uncertainty around trade policy are weighing on hiring.

• It is that same trade policy that is keeping the Fed on hold after cutting rates three times last year — a position that the central bank says is appropriate given the economy's underlying resilience.

• In his social media post, Trump added that Europe has slashed rates multiple times. But those cuts came as European policymakers moved to support a weakening economy.

The bottom line: "This number is going to be viewed alongside a lot of other data out this week," Richardson told reporters, including the all-important government jobs report out on Friday.

• Economists expect 125,000 jobs were added in May, a slower — though still healthy — rate of hiring.