US JOB GROWTH OUTPERFORMED FORECASTS IN MAY, AS THE UNEMPLOYMENT RATE INCREASED TO 3.7%.
Despite a higher-than-anticipated gain in employment in the United States in May, the Federal Reserve may decide not to raise interest rates this month for the first time since beginning its aggressive policy-tightening campaign more than a year ago due to a deceleration in pay growth.
The Labour Department reported on Friday that nonfarm payrolls rose by 339,000 last month, according to the closely followed employment data. After data for April was updated, 294,000 new positions were added to the payroll, not the previously reported 253,000.
Reuters polled economists, who predicted a 191,000 increase in payrolls.
The unemployment rate increased from a 53-year low of 3.4% in April to 3.7% despite significant hiring.