Job growth rebounds in May while wage gains slow, easing Fed pressure
- Employers added 339,000 jobs in May, exceeding economists' expectations.
- The unemployment rate rose to 3.7% from 3.4%, the highest since October, due to temporary jobs ending or layoffs.
- Average hourly earnings rose 11 cents to $33.44, nudging down the yearly increase to 4.3% from 4.4%
- Professional and business services led the job gains with 64,000, while manufacturing cut 2,000 jobs.
- Investors see a one-in-five chance of a rate increase this month for the first time since embarking on its aggressive policy tightening campaign more than a year ago.
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