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Job Growth in US Tops Estimates, Signaling Optimism on Economy

  • Payrolls rose 390,000 in May; unemployment rate held at 3.6%
  • Average hourly earnings increased 0.3% for a second month
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US Employers Added More Jobs Than Expected in May
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US employers hired at a robust clip in May while wage gains held firm, suggesting the economy continues to power forward as the Federal Reserve raises interest rates at a steep pace to tame red-hot inflation.

Nonfarm payrolls increased 390,000 last month after a revised 436,000 gain in April, a Labor Department report showed Friday. The unemployment rate held at 3.6%, and the labor force participation rate crept higher.