News Summary

• The US added 172,000 jobs in May, about double the expected gain.
• Overall job growth is at its strongest level in over two years.
• But wages aren't keeping up with inflation, and white-collar work is stagnating.
• The economy does have some pain points: ongoing uncertainty from the Iran war, inflation outpacing wage growth, and increased long-term unemployment."This spring really is solidifying that the labor market is returning to a growth pattern," said ZipRecruiter economist Nicole Bachaud.