President Donald Trump called on Federal Reserve Chair Jerome Powell to lower interest rates again on Wednesday after ADP said the pace of hiring in the private sector fell to its lowest levels since March 2023.

The ADP employment report revealed that 37,000 nonfarm private jobs were added in May, down from 60,000 in April.

Privately run businesses created just 37,000 new jobs in May — the smallest increase in more than two years — as the worst global trade wars since the 1930s spurred many firms to put a pause on hiring.