The May 2026 Employment Situation (released Friday June 5, 8:30 AM ET) showed nonfarm payrolls rose 172,000 - more than double the ~80-85k consensus - while the unemployment rate held steady at 4.3%. March and April were revised UP by a net 93,000 (to 214k and 179k). Average hourly earnings rose 0.3% m/m to $37.53. A resilient labor market: the unemployment leg of the stagflation invalidation (sustained 4.0-4.5% paired with sub-trend growth) is not firing, and the print is the opposite of the recession side of the equity thesis.