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David Rosenberg, founder and president of Rosenberg Research & Associates, joins BNN Bloomberg to discuss the latest U.S. jobs data. WASHINGTON — America’s employers delivered a surprising 115,000 new jobs last month despite an economic shock from the Iran war.Hiring beat the 65,000 jobs forecasters had expected, though it decelerated from the 185,000 jobs created in March. The unemployment rate remained at a low 4.3%, the Labor Department reported Friday.The Iran war has caused the biggest disruption of global oil supplies in history and sent average U.S. gasoline prices surging past $4.50 a gallon this week. But the conflict hasn’t done much damage to the American job market so far. And the import taxes — tariffs — that President Donald Trump imposed last year haven’t turned out to be as high and as damaging as originally feared. “The labor market is not booming, but it is proving harder to break than` many feared,’’ said economist Olu Sonola of Fitch Ratings.Healthcare...

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AI-related layoff announcements are mounting, fueling the sense that the technology is already replacing a significant number of U.S. workers as companies invest heavily in automation. But AI's broader impact on workers may be quieter: weaker hiring, especially for junior and entry-level roles.Enterprise software maker Intuit this week cut 17% of its staff, or 3,000 people, saying it would shift its focus to AI, while Meta began laying off 8,000 workers on Wednesday as it shifts investment toward AI. Last week, Cisco also announced thousands of job cuts, with CEO Chuck Robbins saying in a blog post that it was reducing headcount in part to invest in "employees' use of AI across the company." Andrew Tran, 40, a Meta product designer who was among those losing their job this week, told CBS News he plans to look for a new job at a company that he believes is using AI "intentionally," rather than chiefly to replace workers. Tran doesn't believe his role...

MONTGOMERY, Alabama – South Korean automotive supplier Kamtec Auto USA announced this week it will open its first U.S. manufacturing facility in Auburn.The new operation represents a $9.2 million investment and will create about 50 jobs over the next three years. The facility will provide advanced technical components for engine control and electric management in hybrid vehicles.“We are excited to welcome Kamtec to Auburn and honored to be its first U.S. site,” said Alabama Secretary of Commerce Ellen McNair. “We’re confident Kamtec will find the skilled workforce and ready community partners needed to be successful.“This is a win for Alabama and a great example of how automotive manufacturers in our state create opportunities for our communities by capturing follow-up investments by their suppliers.”Kamtec was established in 2001 and is an affiliate of the Seohan Group headquartered in Seoul. Seohan Group has operated in Auburn since 2007. Kamtec will initially operate from a leased facility in Auburn, with plans to relocate...

Gold prices fell on Friday as tensions in the Middle East dampened hopes for a U.S.-Iran peace deal amid rising inflation and interest rate-hike fears.Shannon Stapleton | ReutersGold fell on Friday after a stronger-than-expected U.S. jobs report reinforced ​expectations that the Federal Reserve ​will keep interest rates ​higher for longer amid inflation concerns fuelled by the war in the Middle East. Spot gold was down 2.2% at $4,375.19 per ounce at 10:05 a.m. EDT, having fallen about ⁠3.6% ‌this week so far. U.S. gold futures for August delivery ⁠fell 2.2% to $4,405.10. Nonfarm payrolls increased by 172,000 jobs in May after rising by an upwardly revised 179,000 in April, the U.S. Labor Department's Bureau of Labor Statistics said in its report. A Reuters poll ‌had forecast a gain of 85,000 jobs after a previously reported rise of 115,000 in April."We've got payrolls that came in fairly significantly ​over what was expected," said Bart Melek, global head of commodity strategy at...

WASHINGTON (AP) — The American job market continues to show surprising strength — good news for President Donald Trump who has taken a beating in the polls over the surging gasoline prices that followed U.S. and Israeli attacks on Iran. Employers added 172,000 jobs in May – roughly double what forecasters had expected – and the unemployment rate remained at a low 4.3%, the Labor Department reported Friday. READ MORE: 172,000 jobs added in May, showing market resilience despite Iran war Job growth was down slightly last month from a revised 179,000 in April. Hiring has bounced back this year from a miserable 2025, showing resilience in the face of economic uncertainty and painfully high energy prices since the Iran war started in late February. The job gains are broad-based. Local governments added 55,000 workers, restaurants and bars 48,000, healthcare companies 35,000. In another sign of job market strength, Labor Department revisions added a combined 93,000 jobs in March and April. Job growth averaged 188,000 a month from March through May, marking the...

The U.S. economy added a robust 172,000 jobs in May, a sign that the labor market remained resilient despite a growing energy and inflation crisis triggered by the ongoing war with Iran. According to the Bureau of Labor Statistics, the unemployment rate remained steady at 4.3%. Job seekers attend the Mega JobNewsUSA South Florida Job Fair held in the Amerant Bank Arena on April 30, 2026 in Sunrise, Flo.Joe Raedle / Getty Images fileWhile hiring is solid, there’s growing concern about wages lagging the rate of price growth. Average hourly earnings rose 3.4% from a year ago. According to Jennifer Timmerman, an analyst at the Wells Fargo Investment Institute, that’s the lowest since 2021. In April, inflation sharply jumped to a 3.8%, its highest level in three years, due to the surging price of gasoline and the resulting economic ripple effect. “We believe this foreshadows a loss of momentum in consumer spending (especially discretionary outlays) in the coming months,” she...

New Chairman of the Federal Reserve Kevin Warsh arrives during a swearing in ceremony in the East Room of the White House in Washington, DC on May 22, 2026. Aaron Schwartz | Afp | Getty ImagesAnother big jobs report in May has pretty much swept aside the possibility of interest rate cuts anytime soon — and in the process underscored the tricky policy path ahead for new Federal Reserve Chair Kevin Warsh.The chance of rate reductions already had been on life support heading into Friday's nonfarm payrolls report. But the unexpectedly strong gain of 172,000, compounded by sharp upward revisions for prior months, makes the case for policy easing even weaker, particularly considering the elevated level of inflation and uncertainty over the Iran war."If I'm at the [Fed], I say, 'look, job growth is good, there's no need for us to support the labor market. Inflation is high,'" said Gus Faucher, chief economist at PNC. "So therefore we can keep...