The jobs report Main Street wanted, Wall Street didn’t… the consumer underneath the headline… AI displacement gets new data… a week that could move everything
As I write on Monday morning, the markets are trying to claw back from last Friday’s tech rout triggered by the blowout jobs report – it was the last thing an inflation-rattled market wanted to see.
The May employment report landed well above expectations. The U.S. added a seasonally adjusted 172,000 jobs in May, more than doubling expectations of 80,000. Meanwhile, the unemployment rate held steady at 4.3%.
Stepping back, payroll gains have averaged 188,000 over the past three months – a pace not seen since March 2024.
Now, this would appear to be great news – so, why the Friday tech-wreck?
