Dow Jones| Nasdaq | US Stock Market Today | Live: S&P 500, Nasdaq slip at open after solid jobs data fuels hawkish Fed fears; chip stocks fall

US employers added 172,000 jobs in May, slightly below April’s revised 179,000, while unemployment held steady at 4.3%, signalling continued labour market resilience despite economic pressures from the Iran war and higher energy costs. Hiring was broad-based, led by local governments, hospitality, and healthcare. Wage growth remained moderate at 0.3% monthly and 3.4% annually, easing inflation concerns but reducing expectations for Fed rate cuts.

The report reinforced views that the labour market remains stable, with revisions adding 93,000 jobs across prior months. Economists noted a shift toward a “no-hire, no-fire” environment, where job mobility remains weak and long-term unemployment is rising. While AI-related job displacement concerns persist, economists say adoption is gradual and has not yet triggered widespread layoffs. Remote work, rather than AI, is also cited as a barrier for entry-level hiring.