President Trump called on Federal Reserve Chairman Jerome Powell to reduce interest rates, immediately after the payroll firm ADP reported its lowest private-sector jobs number in years.

“ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE,” Mr. Trump posted Wednesday on Truth Social.

“He is unbelievable!!!” the president said of the central bank chairman, who often has urged to cut borrowing rates in anticipation of hastening economic growth.

Mr. Trump added, “Europe has lowered NINE TIMES!”

ADP’s report shows that private sector employment increased by 37,000 jobs in May and annual pay was up 4.5% year over year.

This number is way under the Dow Jones forecast for 110,000 jobs. The count is the lowest monthly reading from ADP since March 2023.

Mr. Trump met with Mr. Powell last week to discuss the economic outlook. According to readouts from the White House and the Fed, that meeting became contentious.

White House press secretary Karoline Leavitt said Mr. Trump told Mr. Powell he was “making a mistake by not lowering interest rates, which is putting us at an economic disadvantage to China and other countries.”

The Fed said Mr. Powell told Mr. Trump that monetary policy must be guided by economic data, not politics.

The president has often criticized Mr. Powell since returning to the White House, even giving him the nickname “Too Late” for his decision to maintain interest rates.

Mr. Trump previously said he considered firing the Fed chairman before Mr. Powell’s term ends in May 2026. Yet Mr. Powell has said the president can’t legally terminate him, and Mr. Trump distanced himself from that stance in April, saying he has “no intention” of axing him.

In the meantime, the European Central Bank is expected to lower rates on Thursday for an eighth time since last June.

• Kerry Picket can be reached at kpicket@washingtontimes.com.