Fox Business host David Asman opened Friday’s edition of Varney & Co. with a sense of surprise and optimism after the latest federal jobs report significantly outperformed expectations, offering a fresh sign of strength in the labor market.
Filling in for regular host Stuart Varney, Asman kicked off the program by highlighting what he viewed as a major economic win: job creation that came in at roughly double what economists had predicted for the month of May.
According to the latest figures released by the Bureau of Labor Statistics, the U.S. economy added 172,000 jobs during the month while the unemployment rate remained unchanged at 4.3 percent.
The numbers exceeded forecasts from economists surveyed by LSEG, who had projected a gain of approximately 85,000 jobs. The stronger-than-expected results immediately drew attention from market watchers and economic analysts looking for clues about the direction of the broader economy.
“Wow, is all I can say!” Asman declared as he opened the broadcast.
“Good morning, I’m David Asman in for Stuart Varney. Wow, is all I can say! A strong economy with a lot of hiring going on. Twice as much as what was expected. 172,000 jobs added in May and the unemployment rate holding steady at 4.3 percent.”
The upbeat employment numbers provided a bright spot for investors and policymakers alike, especially at a time when economic forecasts have often been clouded by uncertainty. Strong hiring figures are typically viewed as a sign that employers remain confident enough to expand payrolls despite broader concerns that can emerge in financial markets.
Asman’s enthusiasm reflected the scale of the surprise. The labor market’s performance not only exceeded expectations for May but also received an additional boost from revisions to previous months.
The Bureau of Labor Statistics revised April’s employment gains upward from 123,000 jobs to 177,000 jobs. March was also revised higher, moving from 190,000 jobs to 202,000 jobs. Those adjustments painted a stronger picture of recent hiring activity than earlier reports had suggested.
Several sectors contributed to May’s gains.
Manufacturing added 7,000 jobs during the month, while hiring by local and federal government entities accounted for more than 50,000 new positions. Health care and social assistance also remained significant sources of employment growth, combining to add 47,000 jobs.
While the jobs report generated positive headlines, financial markets delivered a more complicated reaction.
Asman noted that futures initially appeared to interpret the stronger labor numbers negatively before shifting direction. By the time he discussed the market reaction on air, the Dow Jones Industrial Average was modestly higher in premarket trading.
“Futures reacting mixed,” Asman said. “At first the markets took it as very bad news, then the Dow went up above 50 in pre-market activity. Now it’s holding at about 14 to the positive side.”
The broader picture was less uniform. According to Asman, both the S&P 500 and Nasdaq were trading lower in premarket activity, with the Nasdaq showing the sharpest decline.
The mixed market response stood in contrast to the overwhelmingly positive tone surrounding the jobs figures themselves. While investors sorted through the implications of a stronger labor market, the report offered evidence that hiring remained resilient and that employers continued adding workers at a pace far above expectations.
For Asman, the headline number spoke for itself: a labor market that delivered twice the job growth economists anticipated and an unemployment rate that remained steady, providing a notably stronger report than many forecasters had expected heading into May.
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