【Zillow】May 2026 Jobs Report: A Turn in the Headline Number — But Is It a Turn in the Story?

• Payrolls beat expectations at +172,000, but the bigger news is revisions: March and April were revised up a combined 93,000, lifting the three-month average to 188,000.
• Gains were concentrated in three sectors — leisure and hospitality, local government, and health care.
• Wage growth is not re-accelerating alongside hiring — year-over-year earnings have decelerated again to 3.4%, while inflation runs higher.
• The housing recovery remains on pause — and the “cheaper mortgage” story doesn’t hold up when measured in real purchasing power

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