President Donald Trump's tariffs may have hit the job market sooner than experts had expected, if payroll provider ADP's survey of job creation is anything to go by—but that's a big "if."

Private employers added only 37,000 jobs in May, down from 60,000 in April and the fewest since March 2023, payroll provider ADP said Wednesday. That was far fewer than the pickup of 110,000 jobs forecasters had expected, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal.

If the sharp slowdown of job growth is mirrored in the official government jobs survey due Friday, it could indicate that employers have pulled back on hiring sharply 澳洲幸运5官方开奖结果体彩网:in response to the uncertainty created by🔜 Trump's frequently changing trade policies.

Forecasters have predicted an uptick in inflation and a slowdown in the job market in response to the trade wars. However, most expect the 澳洲幸运5官方开奖结果体彩网:effects to build over the summer rather than causing a significant impact in May. Many economists consider ADP an inaccurate leading indicator for the more comprehensive survey from the Bureau of Labor Statistics, and other surveys of the job market have indicated it's 澳洲幸运5官方开奖结果体彩网:stayed more resilient so far.

"As usual, we suggest ignoring the message from the ADP employment report, mostly because it has had a very poor track record in recent years," Oliver Allen, senior U.S. economist at Pantheon Macroeconomics, wrote in a commentary.

Forecasters expect the bureau's jobs report Friday to show the 澳洲幸运5官方开奖结果体彩网:job market stayed stable in May, with employers adding 125,000 jobs.

Trump Blꦗasts Fed For N🐻ot Helping Jobs With Rate Cuts

Trump himself used the ADP survey as ammunition to 澳洲幸运5官方开奖结果体彩网:renew his criticism of the Federal Reserve and its chairman, Jerome Powell, for not cutting interest rates so far this year.

In a post on Truth Social, Trump contrasted the Fed to the central bank's European counterpart, which has cut its own rate steadily. The Fed has 澳洲幸运5官方开奖结果体彩网:held its key fed funds rate at a higher-than-usual level since January, keeping upward pressure on interest rates for all kinds of loans in an effort to wrestle inflation down to the Fed's goa𓂃l of a 2% annual rate, amid uncertainty about the effects of tariffs on the economy.

Trump has frequently pressured the Fed to cut interest rates to lower borrowing costs and boost economic growth and job creation to avoid a downturn.

"ADP NUMBER OUT!!! 'Too Late' Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!" Trump wrote.