Jobs data from May could show a mostly stable economy, but economists say Trump tariffs will soon bite
NBCJUN 4
US Adds 139,000 Jobs in May
Above: A "Now Hiring" sign at a Journeys store in the Brooklyn borough of New York, on June 3, 2025. Image copyright: Adam Gray/Contributor/Bloomberg via Getty Images
The Spin
Pro-Trump narrative
The May jobs report highlights the strength of President Trump's economic policies, with job creation beating expectations for the third consecutive month. The private sector-led growth while government bloat was trimmed through efficiency measures. Strong wage growth and solid employment numbers demonstrate that America's economy is thriving under pro-business leadership.
Anti-Trump narrative
Despite beating expectations, the jobs report reveals troubling signs of economic cooling, with significant downward revisions to previous months and the worst five-month start since the Great Recession. The employment-to-population ratio hit pandemic lows while manufacturing jobs declined, contradicting Trump's claims of a booming economy.