Following a better-than-expected jobs report, President Donald Trump voiced his annoyance as major U.S. stock indices fell during trading. The latest data revealed that the economy added significantly more jobs than analysts had anticipated, yet stocks declined instead of rising.
The May jobs report showed an increase of 172,000 positions, more than double the forecast of 85,000, while the unemployment rate held steady at 4.3%. Despite this positive economic indicator, the S&P 500 dropped by 1%, the Dow Jones lost 0.2%, and the Nasdaq, heavily weighted toward technology stocks, fell nearly 2% shortly after the report’s release.
In response, Trump took to his social media platform, reiterating his belief that strong job growth should lift markets. He argued that economic expansion does not necessarily fuel inflation and questioned how a country can achieve greatness without growth driving market gains.
Market commentators offered mixed takes on the report and its aftermath. Fox Business anchor David Asman highlighted the surprising strength of hiring, describing it as a sign of a robust economy. Conversely, CNBC’s Jim Cramer expressed worry that the administration might be overlooking economic pressures many Americans face, particularly regarding high gasoline prices and interest rates.
Despite the market’s dip following this report, equities have been on an upward trajectory recently. The S&P 500 surpassed 7,600 for the first time earlier in the week, alongside record highs for the Dow and Nasdaq. Trump has closely followed these trends, previously celebrating what he called a “booming” market after last month’s employment figures.