President Donald Trump angrily urged Fed Chairman Jerome Powell to lower interest rates Wednesday after payroll company ADP reported the lowest monthly number of private sector jobs per year.

Trump wrote on "Truth Social": "ADP Numbers!!!

"He's incredible!!!" said the president, the central bank chairman, who often put pressure on him to scrape off lending rates in a bid to boost economic growth.

"Europe has been lowered nine times!" Trump added.

ADP's report shows that private salaries were only 37,000 times in May, well below Dow Jones' forecast of 110,000.

This is the monthly reading of ADP since March 2023.

The weak result is that it is closer than ADP figures two days before the Bureau of Labor Statistics plans to release its monthly U.S. non-agricultural wage report.

These two reports usually do not reflect each other, mainly due to the different ways in which they collect data. But this could be a good thing by giving economists a more comprehensive understanding of what is going on in the labor market.

Dow Jones polled economists expect the upcoming BLS report to show 125,000 jobs.

Trump met with Powell at the White House last week to discuss the economy, but readings from both sides suggest that the private meeting turned into a confrontation.

White House press secretary Karoline Leavitt said Trump told Powell that the Fed chairman “had made a mistake that it did not lower interest rates, which puts us at an economic disadvantage to China and other countries.” The Fed said Powell stressed to Trump that monetary policy must be guided by objective economic data, not politics.

Trump has regularly attacked Powell since returning to the office, calling him a "main loser" and using the mocking nickname "too late" as a criticism of the Fed's continued stability.

Trump has repeatedly suggested that he is considering firing the Fed chairman before it expires in May 2026, even though Powell insists that the president cannot legally remove him.

Trump appears to be backing off amid the threat in April, saying he “unintentionally” fired Powell. But he continued to publicly vent his frustration on the Fed's chairman.

As Powell remains powdered, the European Central Bank may lower interest rates again on Thursday, the eighth cut since last June.

The expected move is because the eurozone has experienced ease of inflation and increasingly moderate growth, even if Trump's tariffs and other geopolitical forces stoke global economic uncertainty add to more interest rates.