US President Donald Trump on 6 June 2025 declared that the American economy added 172,000 jobs in May — the strongest employment report of his current administration — while renewing his attack on the Federal Reserve over interest rate policy. Trump made the remarks at an agriculture roundtable in Chippewa Falls, Wisconsin, citing the figures as evidence that the economy was outpacing forecasts despite ongoing tensions with Iran.

Jobs Numbers That Beat Expectations

Trump said economists had projected only 30,000 jobs for May, making the actual 172,000 figure a significant beat. 'For the third month in a row, the jobs numbers ... smashed all expectations,' he said. He also noted that the previous two months' figures had been revised upward by nearly 100,000 jobs in aggregate, further strengthening the administration's case for economic momentum.

Sector-level gains were highlighted as well. 'In a single month, we added 7,000 new manufacturing jobs and 17,000 new construction jobs,' Trump said. For manufacturing workers specifically, he claimed wages had risen more than 8 per cent since he took office.

Trump Renews Attack on the Federal Reserve

The strong jobs data did not soften Trump's stance toward Federal Reserve Chairman Jerome Powell, whom he has repeatedly accused of keeping interest rates excessively high. Trump argued that economic growth — not tighter monetary policy — was the more effective tool against inflation. 'You know what else stops inflation? Growth actually stops inflation,' he said.

He also took a swipe at the market's reflexive reaction to strong data. 'When you have great job numbers, the stock market goes down because they think interest rates will go up,' he said. Trump added that former Federal Reserve governor Kevin Warsh would 'do a fantastic job' — a remark widely read as a signal about his preferred successor to Powell.

Investment Commitments and Factory Construction

Beyond the labour market, Trump pointed to what he described as an unprecedented wave of domestic investment. 'We're building more plants than at any time in the history of our country,' he said. He claimed the United States had attracted $18 trillion in investment commitments since he returned to office, though the figure was not independently verified at the time of the remarks.

Trump linked these gains directly to his administration's trade, energy, and tax policies, arguing that lower energy prices and rising domestic investment would sustain growth in the months ahead.

Context and What to Watch

The May jobs report arrives at a sensitive moment: the Fed is weighing whether to hold or cut rates amid mixed signals on inflation and growth. A labour market running hotter than expected gives the Fed less cover to ease — precisely the dynamic Trump criticised. Notably, this is the third consecutive month in which Trump has publicly pressured the central bank following a stronger-than-forecast payrolls print.

Markets and policymakers will now focus on upcoming inflation data and any Fed commentary for signals on the rate path heading into the second half of 2025.