Squawk on the Street May Jobs Report: w/JPMorgan’s Chief Strategist, Goldman’s Chief Economist; Plus: Trump vs. Musk Latest 6/6/25
Jun 6, 2025
Stephen Miran, Chair of the Council of Economic Advisers, emphasizes the economy's strength following the surprising addition of over 130,000 jobs in May. He discusses labor market changes, including a rise in part-time jobs and its implications for economic reliability. Former Chief of Staff Mark Short delves into the escalating feud between Trump and Musk, analyzing its potential impact on the tech sector and market dynamics. They navigate the complex interplay of economic trends, tech tensions, and the looming effects of regulatory changes.
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Jobs Report Shows Surface Strength, Underlying Weakness
- The May jobs report showed a headline gain but moderation beneath the surface, especially in manufacturing and federal jobs.
- Wage growth was solid but labor force participation hit a three-month low signaling some hidden weakness.
White House Sees Economic Strength
- Council of Economic Advisers Chair Stephen Miran says the economy remains strong with no sign of emerging inflation threats.
- He notes the president’s policies have effectively boosted native-born American employment while reducing federal government jobs.
Economy Normalizing Post-Pandemic
- The economy is normalizing from COVID stimulus levels; this means growth, inflation, and other measures returning to pre-pandemic trends.
- A stable, normalized economy implies inflation and interest rates will also stabilize.