U.S. payrolls rose by 172,000 in May, much more than expected; unemployment at 4.3%

Summary

Rick Santelli breaks down the May 2025 jobs report, highlighting a strong payroll gain of 172,000, a low unemployment rate of 4.3%, and steady hourly earnings. He notes that interest rates are rising for a good reason—the economy is strong. The host adds that the market should celebrate the robust labor data, as it confirms a solid economy already priced in.

• Nonfarm payrolls rose by 172,000 in May, exceeding expectations.
• The unemployment rate held steady at 4.3%, a historically low level.
• Average hourly earnings matched expectations at 0.3% month-over-month and 3.4% year-over-year.
• Labor force participation rate remained low at 61.8%, a structural concern.
• Treasury yields rose on the data, with the 10-year climbing to 4.53% and the 2-year to 4.11%.
• The host argued the strong jobs report supports equities and the market should move higher.
• Equity futures initially dipped slightly, possibly due to rate fears, but the overall tone was positive.