Henry Novak Migration Case

Oh, laid market there just refuses to crack. So yeah, payrolls surged a hundred and seventy-two thousand in Mays. That was more than double expectation. So, yeah, World's Largest Economy just continues to sort of be pretty resilient despite inflation, interest rates, and of course, what's going on uh in Iran. So unemployment that was steady at 4.3% participation rate, that was pretty steady as well. And the headline rate uh strong, but even strong when you look at those revisions here. So March payrolls revised up by 29,000 to 214,000. April revised up by 64,000. Uh and add another 93,000 jobs to previous estimates. So average early earnings they ticked up 3.4% annually, so yeah, higher, but not sort of really stoking inflation too much. Uh and the key thing here that was jobs growth was broader than recent months. So it's not just concentrated on a handful of sectors. So leisure and hospital, 70,000, 48,000 restaurants and bars, local government that was strong. Health care, that's still a big engine. Uh 35,000 there. And the household survey, that also showed some resilience as well. So the number of employed Americans rose by almost 150,000. Um so, yeah, strong print market. So either they didn't welcome the strength. The NASDAQ fell more than four per cent. So basically, investors are worried about uh a t tight labor market keeping inflation pushes alive uh and strengthen the case for the Fed to keep rates where they are, or even consider another height. But uh look, stock markets had a huge run and probably need an excuse for a breather in any case.