A University of Michigan economist is sending a clear message to all the media and intelligentsia panicians following the release of a blockbuster May jobs report: It’s time to cut it out. Justin Wolfers joined ABC News Live on Friday morning to break down the explosive news that the U.S. economy added 172,000 jobs in May, which blew out expectations for a mere 80,000 bump by 115 percent. If that wasn’t impressive enough, the jobs numbers for the past two months were also revised up significantly. Wolfers cut to the chase in addressing those who believe the U.S. economy is on knife’s edge: “I think the thing this will really do is it's time to stop talking about the word recession.” As Wolfers added, “Recessions don't happen when the labor markets motoring along like this.” Wolfers emphasized that this number isn’t a one-off. In fact, admitted Wolfers, “Normally I would tell you you don't want to look too much at any one number.” He continued: “These things go up and down, but it really is a very, very strong number.” Economist to ABC News on explosive May jobs numbers: "It's time to stop talking about the word recession." pic.twitter.com/Obh6rlZq8g — Joe Vazquez (@JV3MRC) June 8, 2026 This really placed a damper on Bloomberg News’s May 21 call that America was due for a “recession” rivaling “the Great Financial Crisis” of 2008 in August if the Strait of Hormuz remained closed. The outlet ludicrously hitched its wagon to volatile oil markets for its recession, which have been in consistent flux since the outbreak of the Iran war. In fact, as MRC Business previously noted, basing a long-term recession call on volatile energy markets and a region supplying just seven percent of U.S. crude is like a weatherman declaring a Category 5 hurricane in late summer because it drizzled in his backyard in spring. The May jobs numbers are proof why this logic didn’t exactly pan out. As Brookings Institution Senior Fellow Robin Brooks pointed out back on May 8: There's a bunch of commodity forecasters who've been making apocalyptic oil price forecasts for 3 months now. There's a reason those forecasts have been wrong and will stay wrong. If you're hung up on inventory depletion, you're double counting this shock. What to expect on inflation pic.twitter.com/ldQqX4GMJF — Daniel Lacalle (@dlacalle_IA) May 26, 2026 As it could be expected, Bloomberg News wasn’t alone in pushing apocalyptic scare porn. The lefty yahoos over at MS NOW took it a step further as far back as April and actually claimed the U.S. economy “may break” before Iran. CNN Business senior reporter David Goldman even prophesied that, based on a single snapshot in time of oil price futures, Americans won’t see prices dip below $70 until 2032, six years from now! How exactly does this pseudo-Nostradamus know this?