EPISODE · Jun 9, 2026 · 5 MIN
Credit Where It’s Due: A Moderate’s Take on the May 2026 Jobs Report
from The Active Center · host David Sepe
In today's highly polarized political landscape, we are constantly conditioned to view economic data through a strictly partisan lens. If "your guy" is in the White House, the economy is a roaring engine; if the other side holds the gavel, we are always on the precipice of ruin. But as a political moderate, I’ve always preferred to let the data do the talking. And today, the Bureau of Labor Statistics (BLS) released a set of numbers that demands we put hyper-partisanship aside and give credit where credit is due. President Trump, or "47," as he is now established in his second term, deserves a genuine, well-earned "atta boy" for the economic fundamentals we are seeing. Let’s start with the headline numbers from the June 5, 2026 release, which flatly defied the gloomy predictions of mainstream analysts. Wall Street and mainstream economists projected a modest, almost stagnant addition of roughly 85,000 jobs for the month of May. Instead, the U.S. economy roared ahead, adding a massive 172,000 jobs. But the good news didn't stop with May's blockbusters. The BLS also quietly corrected the record on the previous two months, issuing upward revisions for March and April that added a combined 93,000 more jobs to the ledger than previously estimated. This isn't just a one-month statistical blip; it is a clear indicator of sustained, resilient hiring momentum. Of course, job count is only one side of the coin. Cynics will always argue that adding jobs is meaningless if those jobs don't pay a living wage. Yet, the wage data tells an equally encouraging story. Over the past 12 months, average hourly earnings have climbed by 3.4%. When you couple that with a 0.1% rise in aggregate weekly hours for May, building on modest, steady increases in hours worked over the last year, the underlying picture becomes even brighter. Economists often use the combination of wage growth and hours-worked growth as a reliable proxy for total wage income. Doing the math yields a roughly 4.3% increase in total wage income. People aren't just getting hired; they are working more, earning more, and bringing home larger paychecks. This brings us to the inevitable elephant in the room: inflation. Yes, the Consumer Price Index (CPI) currently sits at a stubborn 3.8%. In normal times, that would be cause for serious alarm, and indeed, it continues to put a squeeze on American households. But a moderate, pragmatic analysis requires us to look at the cause of this spike rather than just blaming the man in the Oval Office. This inflation isn’t being driven by reckless domestic printing presses or structural economic rot. The real culprit is the ongoing Iranian War, which has severely disrupted global energy markets, clogged shipping lanes, and injected massive volatility into supply chains. The fact that the U.S. labor market can post these kinds of wage and job gains in spite of a wartime energy shock is nothing short of remarkable. It proves that the domestic economic fundamentals under 47 are incredibly sturdy. The path forward for the administration is clear. This inflation spike is temporary, but its longevity is tied directly to foreign policy. Hopefully, President Trump can leverage his deal-making pragmatism to figure out the Iranian War sooner rather than later. Once we can resolve that conflict by making sure far-right theocratic lunatics don’t have nuclear weapons and stabilize global energy markets, the artificial pressure on the CPI should subside, and we can finally get on with it. Until then, let's call a spade a spade. The jobs market is thriving, wages are up, and the economy is showing a gritty resilience. For a nation desperately seeking stability, today's report is a massive win. Hello, and thanks for listening to my podcast For years, my mission has been to foster a community around engagement, unique takes on interesting stories, and conversation. If you value what I do, please consider supporting me. I've started a GoFundMe to cover my production and operational costs, including those pesky social media fees. If you can’t contribute to my GoFundMe, I get it, but you can help me by subscribing to my account or sharing this particular story with friends and family that you think would appreciate it. Your contribution, big or small, helps me keep going. Thank you. GO FUND ME
What this episode covers
In today’s highly polarized political landscape, we are constantly conditioned to view economic data through a strictly partisan lens. If ”your guy” is in the White House, the economy is a roaring engine; if the other side holds the gavel, we are always on the precipice of ruin. But as a political moderate, I’ve always preferred to let the data do the talking. And today, the Bureau of Labor Statistics (BLS) released a set of numbers that demands we put hyper-partisanship aside and give credit where credit is due. President Trump, or ”47,” as he is now established in his second term, deserves a genuine, well-earned ”atta boy” for the economic fundamentals we are seeing. Let’s start with the headline numbers from the June 5, 2026 release, which flatly defied the gloomy predictions of mainstream analysts. Wall Street and mainstream economists projected a modest, almost stagnant addition of roughly 85,000 jobs for the month of May. Instead, the U.S. economy roared ahead, adding a massive 172,000 jobs. But the good news didn’t stop with May’s blockbusters. The BLS also quietly corrected the record on the previous two months, issuing upward revisions for March and April that added a combined 93,000 more jobs to the ledger than previously estimated. This isn’t just a one-month statistical blip; it is a clear indicator of sustained, resilient hiring momentum. Of course, job count is only one side of the coin. Cynics will always argue that adding jobs is meaningless if those jobs don’t pay a living wage. Yet, the wage data tells an equally encouraging story. Over the past 12 months, average hourly earnings have climbed by 3.4%. When you couple that with a 0.1% rise in aggregate weekly hours for May, building on modest, steady increases in hours worked over the last year, the underlying picture becomes even brighter. Economists often use the combination of wage growth and hours-worked growth as a reliable proxy for total wage income. Doing the math yields a roughly 4.3% increase in total wage income. People aren’t just getting hired; they are working more, earning more, and bringing home larger paychecks. This brings us to the inevitable elephant in the room: inflation. Yes, the Consumer Price Index (CPI) currently sits at a stubborn 3.8%. In normal times, that would be cause for serious alarm, and indeed, it continues to put a squeeze on American households. But a moderate, pragmatic analysis requires us to look at the cause of this spike rather than just blaming the man in the Oval Office. This inflation isn’t being driven by reckless domestic printing presses or structural economic rot. The real culprit is the ongoing Iranian War, which has severely disrupted global energy markets, clogged shipping lanes, and injected massive volatility into supply chains. The fact that the U.S. labor market can post these kinds of wage and job gains in spite of a wartime energy shock is nothing short of remarkable. It proves that the domestic economic fundamentals under 47 are incredibly sturdy. The path forward for the administration is clear. This inflation spike is temporary, but its longevity is tied directly to foreign policy. Hopefully, President Trump can leverage his deal-making pragmatism to figure out the Iranian War sooner rather than later. Once we can resolve that conflict by making sure far-right theocratic lunatics don’t have nuclear weapons and stabilize global energy markets, the artificial pressure on the CPI should subside, and we can finally get on with it. Until then, let’s call a spade a spade. The jobs market is thriving, wages are up, and the economy is showing a gritty resilience. For a nation desperately seeking stability, today’s report is a massive win.
NOW PLAYING
Credit Where It’s Due: A Moderate’s Take on the May 2026 Jobs Report
No transcript for this episode yet
Similar Episodes
No similar episodes found.
Similar Podcasts
No similar podcasts found.