President Donald Trump has directed acting Director of National Intelligence Bill Pulte to begin firing employees at the Office of the Director of National Intelligence, calling the agency unnecessary and too big. In an interview with the Wall Street Journal on Friday, Trump said he wants Pulte to start the process of cuts, targeting holdovers from the Biden and Obama administrations.

Trump cited Pulte’s acting status as an advantage, noting it requires no Senate confirmation and allows him to serve up to 210 days. "You’re less shackled," Trump said. The President stated he is interviewing two permanent DNI candidates but declined to name them. "Bill is not going to be there that long," he said.

Appointment and Background

Trump selected Pulte to replace Tulsi Gabbard, who resigned last month. Pulte previously led the Federal Housing Finance Agency and oversaw government-sponsored enterprises Fannie Mae and Freddie Mac. Senate Majority Leader John Thune (R., S.D.) warned, "We don’t need a weaponized DNI."

Known as "Little Trump," the newly appointed director previously alleged mortgage fraud by Trump opponents including Sen. Adam Schiff (D., Calif.) and Fed Governor Lisa Cook. None were charged. Cook, whom Trump moved to fire as Fed governor, had a legal challenge pending before the Supreme Court.

The United States labour market data for May revealed steady conditions, with average hourly earnings rising in line with expectations and the unemployment rate holding firm. The figures point to a stable employment environment, with wage growth picking up modestly compared to the previous period.

Key Labour Market Metrics — May

The following table summarises the key data points released for May alongside prior readings and market estimates:

Wage Growth Accelerates Month-on-Month

US average hourly earnings grew by 0.3% on a month-on-month basis in May, matching the market estimate of 0.3% and representing an uptick from the prior reading of 0.2%. The acceleration in wage growth indicates a modest improvement in earnings momentum compared to the previous period.

Unemployment Rate Remains Stable

The US unemployment rate for May came in at 4.3%, unchanged from the previous reading and precisely in line with analyst estimates of 4.3%. The steady unemployment figure reflects continued stability in the labour market, with no deterioration or improvement recorded against the prior period.

Summary

May's US labour market data presented a consistent picture, with average hourly earnings meeting expectations at 0.3% month-on-month growth — an improvement over the prior 0.2% — while the unemployment rate held steady at 4.3%, matching both the previous reading and market forecasts.