"Donald Trump's renewed anger at Jerome Powell over delayed interest-rate cuts has intensified after a dramatic revision cut U.S. job growth by 911,000 since 2024-adding fuel to Trump's criticism of the Fed and amplifying political strife ahead of the Federal Reserve's September meeting. For months, Trump has been vocal in his frustration with Federal Reserve chair Jerome Powell for being "too late" to cut rates, and he just got fresh ammunition in the latest jobs report data revision."
"The timing, coming days before the Fed's decision on rates, puts Powell under extraordinary public pressure. It suggests the slowdown first revealed by the July jobs report actually began months earlier, during the waning days of Joe Biden's presidency and the presidential election that saw Trump reelected. Bradley Saunders, North America economist for London-based Capital Economics, noted the breakdown shows broad-based revisions, with the largest downgrades in various services sectors."
An August Bureau of Labor Statistics revision cut U.S. job growth by approximately 911,000 between March 2024 and March 2025, a much larger downward adjustment than economists expected. The revision follows a July downward adjustment of 258,000 jobs for May and June 2024 and prompted the firing of data chief Erika McEntarfer. The timing, days before a Federal Reserve rate decision, increases public pressure on Chair Jerome Powell and strengthens critiques that Powell has been too slow to cut interest rates. The revisions show broad-based downgrades concentrated in services, including leisure, professional services, and retail trade.
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