Jobs
US Labor Market Sends Mixed Signals, Giving Fed Reason to Pause
- Payrolls surged in May, beating all estimates in survey
- Unemployment rate rose saw biggest monthly rise since 2020
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The US labor market sent conflicting signals in May as payrolls surged along with joblessness, giving Federal Reserve officials more reason to pause interest-rate hikes.
Nonfarm payrolls increased 339,000 last month after an upwardly revised 294,000 advance in April, a Bureau of Labor Statistics report showed Friday. The unemployment rate rose to 3.7%, while wage growth slowed.