Washington, June 6: U.S. President Donald Trump has commended the unexpected surge in job growth for May. He stated that the latest employment figures indicate the economy is performing better than anticipated, despite ongoing tensions with Iran.
Speaking at an agricultural meeting in Chippewa Falls, Wisconsin, on Friday, Trump announced that the U.S. economy added 172,000 new jobs in May. He noted that this marks the third consecutive month where job figures exceeded expectations, with economists predicting a much lower number.
Trump highlighted that while experts estimated only 30,000 new jobs, the actual figure was significantly higher. He referred to these statistics as the strongest employment report of his administration, emphasizing that they represent the best job numbers to date.
The President pointed out growth in the manufacturing and construction sectors, stating that the economy added 7,000 jobs in manufacturing and 17,000 in construction within just one month. Additionally, previous employment reports have been revised upward, with nearly 100,000 jobs added in the last two months.
Trump took the opportunity to criticize the Federal Reserve’s interest rate policies. He argued that the best way to control inflation is through economic growth rather than strict monetary policy. He remarked that when job numbers are strong, the stock market tends to decline due to concerns about rising interest rates. He posed the question, “Do you know what else curbs inflation? Growth itself.”
The President reiterated his criticism of Federal Reserve Chairman Jerome Powell, whom he frequently accuses of maintaining excessively high interest rates. Trump expressed confidence that former Federal Reserve Governor Kevin Warsh would perform admirably in this role.
Beyond the labor market, Trump mentioned that promises of investment and factory construction are accelerating economic momentum. He claimed that the U.S. is establishing more plants than at any other time in history. Since his return to office, Trump asserted that the country has secured $18 trillion in investment commitments.
He also noted wage increases, particularly for manufacturing sector employees, stating that wages have risen by over 8% since he took office.
The President linked these economic benefits to his administration’s trade, energy, and tax policies. He predicted that low energy prices and increased domestic investment will continue to drive growth in the coming months.
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