U.S. employers added 172,000 jobs in May, more than double economists’ expectations, while the unemployment rate held steady at 4.3%. Job growth was led by the leisure, healthcare, and government sectors, signaling continued strength in the labor market. Despite the upbeat data, stocks declined, with the S&P 500 falling 1% and the Nasdaq dropping 1.6%. Investors interpreted the strong jobs report as a sign that the Federal Reserve may keep interest rates higher for longer, reducing the likelihood of near-term rate cuts and pushing Treasury yields higher. President Donald Trump criticized the market reaction, arguing that stronger economic growth should support stock prices. The decline highlights Wall Street’s current focus on monetary policy expectations rather than economic growth alone.
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