The Bureau of Labor Statistics reported Friday morning that the U.S. economy added 390,000 jobs in May, fewer than the 428,000 in April but ahead of the consensus expectation of 328,000. Unemployment held at 3.6%, while average hourly earnings were up 5.2% year over year and 0.3% month over month. A hot labor market and rising wages are one factor in the inflation data that’s driving a now-hawkish Federal Reserve’s monetary tightening program. Andreas Steno Larsen joins Real Vision’s Maggie Lake with a data-based analysis of the labor market, including what today’s jobs report means for the trajectory of Federal Reserve policy.