The US economy blew past Wall Street expectations to add 172,000 jobs in May, signalling a rebound in the labour market and propelling bets that the Federal Reserve will raise interest rates this year.
Friday’s figure from the Bureau of Labor Statistics was more than double the 85,000 forecast by economists polled by Bloomberg and provided the latest indicator that US employment is stabilising after a rocky 2025.
Hiring figures for March and April were revised up by a combined 93,000 to 214,000 and 179,000 respectively. The unemployment rate was unchanged at 4.3 per cent.
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