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U.S. payrolls rose by 172,000 in May, much more than expected; unemployment at 4.3%
Job gains were led by leisure and hospitality, local government and health care, while average hourly earnings rose 0.3%, the Labor Department said.
- On Friday, the Labor Department reported U.S. employers added 172,000 jobs in May, with unemployment steady at 4.3%, far exceeding analyst expectations of an 85,000 gain.
- Data released before Friday suggested the job market was finding its footing, with the Labor Department's Job Openings and Labor Turnover Survey showing openings at the highest level in nearly two years.
- Payroll processors corroborated the gains: ADP reported 122,000 new private-sector jobs in May, while Gusto added 83,900 net new jobs for small businesses, marking the fourth consecutive month of growth.
- ConnectOne Bank Founder and CEO Frank Sorrentino noted the report shapes Federal Reserve outlook, while KPMG senior economist Ken Kim wrote the central bank will need to raise rates in the autumn.
- Despite stable employment, inflation has worsened this year amid the Iran War, while consumer sentiment measures remain at all-time lows as policymakers weigh "readings on labor market conditions, inflation pressures and inflation expectations.
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Gulf NewsStrong US job growth beats expectations in May, firming recent gains
WASHINGTON: US job growth surged past expectations in May with the unemployment rate remaining steady, as the labour market in the world's largest economy showed signs of firming after months of turbulence.Wall Street stocks traded lower on the news, with investors expecting a strong labou
·Singapore, Singapore
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The Latest: US job market shows resilience with 172,000 jobs added last month
The American job market continues to show surprising strength, shrugging off the high costs of the Iran war. Employers added 172,000 jobs in May and the unemployment rate remained at a low 4.3%. The Labor Department reported Friday that job…
·Pennsylvania, United States
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Total News Sources188
Leaning Left38Leaning Right29Center60Last UpdatedBias Distribution47% Center
Bias Distribution
- 47% of the sources are Center
47% Center
L 30%
C 47%
R 23%
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