Surprising Job Market Strength Defies Economists' Predictions
WHO:
CBS News - Bret Kenwell, U.S. investment analyst at eToro.
CBS News - Laura Ullrich, director of economic research at Indeed.
Bloomberg - Kevin Hassett, White House National Economic Council Director.
Bloomberg - Rick Rieder, BlackRock Global Fixed Income CIO.
Bloomberg - Ben Zweig, CEO of Revelio Labs.
WHAT:
CBS News - Analysts expect second-quarter profit growth of about 22%, according to a FactSet analysis.
CBS News - The health care industry has been the top driver of job creation over the last year, adding 610,000 jobs, according to a new analysis from Indeed.
CBS News - Seven sectors experienced year-over-year employment losses, including government and financial services, which lost 174,000 and 107,000 jobs, respectively, according to Indeed's analysis.
CBS News - Nearly 28% of the unemployed in April had been jobless for more than six months, the largest share since December 2021.
CBS News - Employers added 172,000 jobs in May.
CBS News - Average monthly job growth from March through May was nearly 190,000.
CBS News - U.S. corporations boosted earnings growth by about 28% in the first quarter.
CBS News - 85% of S&P 500 companies exceeded quarterly profit expectations.
CBS News - Health care industry added 610,000 jobs in the past 12 months.
CBS News - Leisure and hospitality added 240,000 jobs in the past year.
CBS News - Local government added 55,000 jobs in May.
CBS News - Leisure and hospitality companies added 70,000 jobs in May.
CBS News - Seven sectors experienced year-over-year employment losses, including government and financial services.
WHERE:
CBS News - United States.
WHEN:
CBS News - The 2026 World Cup is set to kick off in June.
WHY:
CBS News - The jump in health care employment reflects the aging U.S. population, with the baby boomer generation demanding more health services as the oldest members of the group approach 80 years old.
CBS News - Strong corporate profits are a significant factor in job growth.
CBS News - The Republicans' "One Big Beautiful Bill" lowered corporate taxes and provided breaks to bolster profitability.
CBS News - The aging U.S. population is increasing demand for health services.
HOW:
CBS News - Seasonal demand likely helped drive May hiring, with local government adding 55,000 jobs due to summer demand for state and local parks workers, public works projects, and other summer operations.
CBS News - Seasonal demand contributed to job growth in local government and leisure and hospitality sectors.
(UPDATED June 6, 2026 01:36 UTC)
Analysts are predicting a robust second-quarter profit growth of about 22%, according to a FactSet analysis. The health care industry has emerged as the leading force in job creation over the past year, adding 610,000 jobs, while seven sectors, including government and financial services, saw significant employment losses. Additionally, nearly 28% of the unemployed in April had been jobless for over six months, the highest proportion since December 2021, reflecting ongoing challenges in the job market.
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(UPDATED June 5, 2026 21:22 UTC)
In a positive turn for the U.S. economy, employers added 172,000 jobs in May, with the average monthly job growth from March through May nearing 190,000. Strong corporate profits, bolstered by the Republicans' "One Big Beautiful Bill," which lowered corporate taxes, played a significant role in this job growth, while the aging population increased demand for health services. Notably, the health care industry added 610,000 jobs over the past year, and the 2026 World Cup is set to kick off in June, likely boosting employment in leisure and hospitality even further.