By Daily Mail (U.S.) | Created at 2026-06-05 12:52:01 | Updated at 2026-06-07 21:02:47
2 days ago
Stock markets surged higher this morning after the May employment report showed that the US economy has been adding massive numbers of new jobs.
Total employment increased by 172,000, according to the Bureau of Labor Statistics, absolutely crushing the market’s expectations for a gain of 85,000 jobs.
The unemployment rate was unchanged at 4.3 percent.
The May numbers build on the huge gains seen in March and April - this is the first three-month stretch of uninterrupted jobs gains in a year.
'America's jobs market is defying gravity, and the doom-mongers,' Nic Puckrin, markets expert and former Goldman Sachs analyst, told the Daily Mail.
Strong upward revisions to the March and April totals made today's jobs report even better: Total employment for March was revised higher to 214,000 from 185,000, and the April number was revised to 179,000 from 115,000.
Just yesterday, a separate employment report showed that the number of available open jobs had surged to their highest level in nearly two years, powered mostly by white-collar roles.
Stock markets surged higher this morning after the May employment report showed that the US economy has been adding massive numbers of new jobs
Nic Puckrin, markets expert and former Goldman Sachs analyst
Employers posted 7.62 million job openings in April, up sharply from 6.89 million the month before and the highest level since May 2024, according to Labor Department data.
The surprising growth came overwhelmingly among professional and office jobs, which has been among the sectors hardest hit by the white-collar slowdown.
But Puckrin sounded a note of caution about the bigger economic picture, warning that measures of consumer confidence remain at record lows.
'Americans are still employed but rapidly losing faith in the economy, plus the cost of living is sky-high, so many are delaying big purchases,' he said.
'We also have AI layoffs hitting white-collar jobs, with over 100,000 already announced in 2026, and more coming down the road.'
The surge in layoffs seen at the beginning of the year has moderated going into the summer, although there are growing signs that artificial intelligence is having an impact on hiring.
