Another month of strong jobs growth is making it more likely that the Fed will raise interest rates, not cut them.

Plus, the NASDAQ had its worst day of 2026, falling more than 4% on worries about inflation and AI demand.

And $264 for a fish dinner, public official spending is making taxpayers furious.

There was beer can coolers in Daytona Beach, Costco groceries in Connecticut,

and there's another community in North Carolina where somebody bought ammunition with their town credit card.

It's Friday, June 5th.

I'm Alex O'Solov for the Wall Street Journal. This is the

PM edition of What's News, the top headlines and business stories that move the world today.

The jobs market had another strong showing in May. A report out today from the Labor Department

says that the U.S.

added 172,000 jobs last month, blowing past analyst expectations. Meanwhile, the unemployment rate

held steady at 4.3%. WS.J economics reporter Matt Grossman says that suggests the labor market

is recovering from a weaker period last fall in winter.

We got a really strong jobs report for May. And not only that, but we got really strong upward revisions to job creation in March and April. And so now things are looking really

a lot brighter than they were at the start of the year. Over many of the past several months,

healthcare and social services and education were some of the year. Over many of the past several months, healthcare and social services and education

were some of the most important sectors in hiring.

Things have broadened out quite a bit.

So in May, hiring was really strong in leisure and hospitality.

That's jobs like restaurant and hotel workers.

There were job gains in manufacturing and construction,

and local governments actually added a lot of workers as well. But Matt says that many people are

...