🚀 US economy added more jobs than expected in May

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The U.S. economy added 139,000 jobs in May, surpassing expectations of 125,000, even as hiring cooled under pressure from Trump-era tariffs and a volatile economic outlook. Unemployment held steady at 4.2%, but the household survey showed a worrying drop of 696,000 workers. Wage growth outpaced forecasts, rising 0.4% for the month and 3.9% year-over-year, driven largely by gains in health care and hospitality. However, government jobs declined by 22,000 amid ongoing federal workforce cuts led by Trump and Elon Musk’s short-lived Department of Government Efficiency. While markets reacted positively, downward revisions to previous months and inflation risks from tariffs are keeping the Fed cautious ahead of its upcoming policy meeting.

2. Corporate layoffs are accelerating as companies brace for economic uncertainty fueled by President Trump’s tariff policies and rapid advances in artificial intelligence. In recent weeks, major firms like Microsoft, Amazon, Disney, Procter & Gamble, and Walmart have announced job cuts, often citing AI, restructuring, or inflation-related cost pressures. Klarna and Chegg explicitly attributed reductions to AI replacing roles, while Microsoft and CrowdStrike framed cuts as part of adapting to new technological and market realities. The layoffs span industries, from tech to retail to finance, and reflect a broader trend of companies trimming headcount amid rising costs, AI integration, and strategic overhauls.

3. In 2017, three friends launched Dave’s Hot Chicken in a Los Angeles parking lot with just $900 and a $150 fryer—this week, they sold a majority stake in the company to private equity firm Roark Capital in a deal valued near $1 billion. Arman Oganesyan, a former stand-up comic and high school dropout, convinced his friends to help create a unique Nashville hot chicken recipe that quickly gained cult status and critical buzz. After early success, a celebrity-backed investor group helped franchise the brand, which now boasts over 300 locations globally and brought in $600 million in U.S. sales last year. The founders and CEO Bill Phelps will retain minority stakes, with Phelps calling the deal’s timing “perfect” given both the valuation and future growth potential.

   Headlines

   1. The UK is looking to reduce restrictions in the cryptocurrency industry following the lead of the US due to concerns that the industry may leave them behind.

   2. Circle is expected to launch its IPO with a $31/share price; above expectations.

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