The Labor Department reported today that unemployment held steady in April and that the U.S.

added 115,000 jobs surpassing expectations.

Both the NASDAQ and the S&P 500 touched all-time highs today on the news, which followed

a number of strong earnings reports across industries.

For more on the numbers and what they tell us about the state of the U.S.

economy were joined by Mohamed al-Aryan. He's a professor at the Wharton School of Business

and chief economic advisor at Allianz. That's a financial services company. Welcome to the show.

Thanks for joining us. Thanks for having me. So those jobs numbers were almost double what

analysts expected. Unemployment holds at

4.3% wages are up 3.6% annually. What stands out to you from today's data? So I think three

things stood out for me. One is the job creation, which was, as you say, double what was expected,

showed a very strong demand

for labor, even though we've thrown everything at this economy, but the labor market remains resilient.

Second, on the supply side, on the supply of workers, there are challenges. We saw the labor force

participation come down, and we saw the labor force itself contract.

So there are challenges on the supply side, even though demand is strong.

And finally, earnings.

Average weekly earnings were lower than expected, and that speaks to a bigger reality,

which we got confirmation for yesterday, which is the share of labor

in national income continues to go down and is at record low levels.

You mentioned despite everything we've thrown at this economy, and we should note,

despite the war in Iran, despite energy prices surging, the tariff uncertainty. The U.S. stock markets have been

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