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A stronger-than-expected jobs report sent the market soaring on Friday
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The Labor Department says employers added 139,000 workers in May, beating expectations of 125,000. The national unemployment rate held steady at 4.2 percent
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Health care led the way, adding 62,000 jobs last month. Leisure, hospitality
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and social assistance also saw gains. But job cuts continued in the federal government
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with 59,000 positions eliminated since January as the Trump administration pairs down the federal
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workforce. The real number is likely higher since workers on paid leave or severance are not counted
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as unemployed. On Wall Street, the reaction was swift. The Dow Jones Industrial Average jumped
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more than 500 points early Friday. The S&P 500 gained 70 and the tech-driven Nasdaq surged by
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245 points. ysts had warned that a jobs number below 100,000 could trigger new recession fears
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but Friday's data helped calm those concerns. Trade talks are also in focus, with President
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Trump's 90-day negotiating window with China and other countries set to expire in July. He said he
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had a very good call this week with Chinese President Xi, and that both sides plan to meet
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soon. Inflation now sits at 2.3 percent near the Fed's target rate. But Fed share Jerome Powell
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is still resisting Donald Trump's push to lower interest rates. For more unbiased updates, download the Straight Arrow News app
