President Donald Trump on Friday responded to the latest jobs report, arguing that strong economic growth should lift stock markets despite a decline in early trading. The Bureau of Labor Statistics reported that the U.S. economy added 172,000 jobs in May, more than double analysts' expectations. The unemployment rate remained steady at 4.3%, while April's job numbers were revised upward by roughly 100,000.
Trump posted on Truth Social shortly after the report's release, stating, 'With a great Jobs Report, like just announced, stocks should go up, not down. That’s the way it was for 200 years. Growth does not mean inflation! How else can a Country attain GREATNESS???' Despite the positive jobs data, the Dow Jones Industrial Average, S&P 500, and NASDAQ all fell in early trading.
The strong jobs report has reignited debate over whether the Federal Reserve, now led by Trump-backed Chairman Kevin Warsh, will cut interest rates later this year. Investors are watching closely, as sustained hiring could keep inflation elevated, delaying potential rate cuts. Global markets reacted cautiously, with stocks falling—particularly among Big Tech companies—while bonds surged.
Trump has faced declining approval ratings amid rising gas prices and economic uncertainty. The national average for regular gasoline stood at $4.22 per gallon on Friday, up from pre-war levels. The ongoing war in Iran and closure of the Strait of Hormuz have contributed to higher oil prices, further complicating economic conditions.