Why hiring surged in May despite economic strain from the Iran war

There was surprising strength in the latest U.S. jobs report. Employers added 172,000 jobs in May, the third straight month of job gains. Overall, the labor market appears strong despite concerns about the Iran war, rising prices and artificial intelligence. Amna Nawaz speaks with Diane Swonk, chief economist at KPMG, a multinational accounting and advisory firm, for more analysis.Notice: Transcripts are machine and human generated and lightly edited for accuracy. They may contain errors.

Geoff Bennett:

There was surprising strength in the latest jobs report. Employers added 172,000 jobs last month, the third straight month of gains, 93,000 more jobs were added in March and April than previously estimated, and the unemployment rate stayed at 4.3 percent.

Amna Nawaz:

Overall, the labor market appears strong, despite concerns about the war in Iran, rising prices and artificial intelligence.Kevin Hassett, the director of the White House National Economic Council, celebrated two straight months of job growth over 170,000.