US JOB GAINS SURGE PAST EXPECTATIONS, WAGE GROWTH QUICKENS

The U.S. economy created far more jobs than expected in May and annual wage growth reaccelerated, underscoring the resilience of the labor market and reducing the likelihood the Federal Reserve will be able to start rate cuts in September.

The Labor Department's closely watched employment on Friday also showed the unemployment rate ticked up to 4.0% from 3.9% in April, a symbolic threshold below which the jobless rate had previously held for 27 straight months.

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