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Following April’s positive jobs report, President Trump once again called for the Federal Reserve to lower interest rates.
“Gasoline just broke $1.98 a Gallon, lowest in years, groceries (and eggs!) down, energy down, mortgage rates down, employment strong, and much more good news, as Billions of Dollars pour in from Tariffs. Just like I said, and we’re only in a TRANSITION STAGE, just getting started!!! Consumers have been waiting for years to see pricing come down. NO INFLATION, THE FED SHOULD LOWER ITS RATE!!! DJT,” Trump wrote on Truth Social.
Despite the media’s incessant speculation that Trump’s tariffs would negatively impact job growth, nonfarm payrolls increased by 177,000, well above the Dow Jones estimate for 33,000.
Referred to as “defying expectations” by CNBC, the report also showed stability in the labor market with unemployment at an expected 4.2 percent.
Additionally, a household survey showed an increase of 436,000 in individuals who reported holding jobs in April.
When speaking to Fox News about economists’ negative predictions regarding Trump’s tariffs, Council of Economic Advisors Chairman Steve Miran said, “I don’t think they were right about tariffs in President Trump’s first term in which the tariffs left no lasting mark on the economy but generated tons of revenue that we used to help finance the President’s first historic tax cuts from 2017.”
Miran said April’s data proved them wrong again because the report reflects the period after Trump’s tariffs announcement.
“And on top of that, if you look at the GDP data from the first quarter, investments surged 22 percent. That’s not what firms do when they’re concerned about the economy, that’s not what firms do when they are reducing their output, that’s what firms do when they’re going to produce more, and that’s what the President said, and that’s what’s happening,” Marin emphasized.
He also pointed out that “doom mongering” reporting about how the labor market would be affected by Trump’s mass deportation of illegal migrants was completely disproven by Friday’s jobs report.
Secretary of Labor Lori Chavez-DeRemer appeared on Fox Business to discuss the positive report.
She told the outlet, “[President Trump] mentioned to the American people over and over again that the Golden Age was coming. I will tell you the Golden Age is here … This is another great jobs report … Better than expected.”
