US job growth beats expectations in May; unemployment rate rises to 3.7%

US employment increased more than expected in May, but a moderation in wages could allow the Federal Reserve to skip an interest rate hike this month for the first time since embarking on its aggressive policy tightening campaign more than a year ago. Nonfarm payrolls increased by 339,000 jobs last month, the Labor Department said in its closely watched employment report on Friday.

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