Donald Trump’s renewed anger at Jerome Powell over delayed interest-rate cuts has intensified after a dramatic revision cut U.S. job growth by 911,000 since 2024—adding fuel to Trump’s criticism of the Fed and amplifying political strife ahead of the Federal Reserve’s September meeting.
For months, Trump has been vocal in his frustration with Federal Reserve chair Jerome Powell for being “too late” to cut rates, and he just got fresh ammunition in the latest jobs report data revision. The Bureau of Labor Statistics (BLS) routinely revises its jobs numbers each August, but this year’s adjustment is unexpectedly severe: from March 2024 to March 2025, the U.S. added about 911,000 fewer jobs than previously reported—a much larger downward move than economists feared. The BLS, of course, shocked markets in July when it revised downward the jobs growth in May and June 2024 by 258,000, prompting Trump to immediately—and controversially—fire data chief Erika McEntarfer.
