Former President Trump expressed disappointment in the latest jobs report released by the Labor Department, citing the unexpected rise in unemployment numbers. The report revealed that employers added 175,000 jobs in April, falling short of the 243,000 gain forecasted by economists. This marked the lowest month for job creation since October, with the unemployment rate ticking up to 3.9%.
During a press briefing before his New York criminal trial appearance, Trump criticized the numbers as 'really low, really bad,' attributing the economic downturn to what he perceives as ineffective leadership.
Wage growth also showed a slowdown in April, with average hourly earnings increasing by 0.2%, below expectations. On an annual basis, wages saw a 3.9% rise.
The weak jobs report is seen as a sign of a faltering job market, potentially influenced by the Federal Reserve's aggressive interest-rate hike strategy. This development has raised speculation about possible rate cuts in the near future.
Trump outlined his approach to job creation, emphasizing a focus on energy production, border security, and stricter immigration policies. He advocated for drilling to boost energy resources, tightening border controls, and addressing criminal elements entering the country.
The market responded positively to the news, with all major stock indices experiencing a surge in pre-trading on Friday morning. The unexpected nature of the report has prompted discussions about the economic outlook and potential policy adjustments moving forward.
