Labor Market Marches On. AI Effects Are Ambiguous
Dan North | May 2026
Three months into the Iran war, the U.S. labor market continues to hum along, apparently totally oblivious to the global chaos. April produced a healthy employment report which doubled expectations of creating 55,000 jobs, and instead pumped out 115,000 jobs. The prior two months were revised down by only a modest 16,000 jobs. The unemployment rate held steady at a low 4.3%, but wages came in a bit light at 3.6% year over year vs. expectations of 3.8%.
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