US employers added 172,000 jobs in May while the country’s unemployment rate held steady at 4.3%, a sign of a resilient labor market despite rising inflation and economic uncertainty brought on by continued conflict in the Middle East.
Despite the positive update on the labor market, US stocks fell sharply by Friday afternoon after a big sell-off of AI chip stocks. The tech-heavy Nasdaq index closed 4% down, the largest single-day drop in over a year. The S&P 500 and and Dow were also down 2.6% and 1.3%, respectively.
