Ed Elson

However,

This strong report caused a massive sell-off on Friday.

The S&P closed down almost 3%, and the Nasdaq fell more than 4%.

That was its worst drop since Liberation Day.

So here to unpack this report and also why markets reacted so badly, we are speaking with Justin Wolfers, professor of public policy and economics at the University of Michigan and also founder of Platypus Economics.

Justin, great to see you.

Thank you for joining us again on the show.

I want to get into the market's reaction.

But before we do that, let's first just make sense of this jobs report, which was seemingly really strong.

172,000 jobs added in May.

The previous reports revised upward.

Give us your read on what we saw in that jobs report.

What about people who see this jobs report, and I've seen this online, and they say, I don't believe it.

They're lying.

You know, this is some sort of grift from the president.

I mean, it seems that a lot of people, this is seemingly good news.

A lot of people don't want to hear the good news because maybe their experience of the economy isn't great or they don't support the president.

I mean, what would you say to those people who don't believe those numbers?

Just in terms of where the strength is in the job market, something that we've been keeping track of is over the past...

few months, really, I guess, more than a year now, it seems as though the one place where the job market is really strengthening and growing is healthcare, and then everything else seems to be kind of lagging.