Trump: "The last time I took a day off, everybody said bad things happened to me."

Trump: "The last time I took a day off, everybody said bad things happened to me."

President Donald Trump has once again criticized Federal Reserve Chair Jerome Powell, this time following a disappointing jobs report from the Bureau of Labor Statistics (BLS). In his first remarks after the release of the August jobs report, Trump took to his Truth Social platform to express his dissatisfaction with Powell's handling of interest rates. Trump argued that Powell should have lowered rates earlier, stating, "Jerome 'Too Late' Powell should have lowered rates long ago. As usual, he's 'Too Late!'" [1].

The August jobs report revealed that nonfarm payroll employment rose by only 22,000, far below the 75,000 jobs analysts had forecast. The report also indicated that the unemployment rate edged up to 4.3 percent from 4.2 percent. These figures come as the Federal Reserve has been cautious about cutting interest rates, citing concerns over potential inflation linked to Trump's tariffs [1].

Trump has been pressing the Federal Reserve to lower interest rates, arguing that high borrowing costs are hindering economic growth. The Fed, however, has been reluctant to cut rates due to concerns about inflation. The recent jobs data, which points to a slowing economy, may give the Fed more leeway to adjust rates at its September meeting [1].

In related news, Trump has been vocal about his dissatisfaction with the BLS, the agency responsible for the jobs report. In early August, Trump fired the agency's commissioner, Erika McEntarfer, over weak employment data. The decision was criticized for setting a dangerous precedent for political influence over the agency [1].

Trump has nominated E.J. Antoni, a critic of the BLS, to replace McEntarfer. Antoni has floated the possibility of doing away with the monthly jobs report, raising questions about the future of the BLS's reporting methods [1].

As the political landscape shifts ahead of the 2026 midterms, economic realities will continue to be closely linked to the political fortunes of those in power. The jobs numbers, particularly the slowdown indicated by the August report, serve as a flashing red light on Trump's dashboard [1].

References:
[1] https://www.newsweek.com/trump-jobs-fed-rates-bls-powell-2125177