CNBC reports BLS data Friday showed US May payroll gains unexpectedly strong as
the labor market continued to expand, with job growth broadening across sectors.
Leisure & hospitality added 70,000 jobs versus a past-year monthly average of
14,000, the largest increase; local government payrolls rose by 55,000.
Healthcare added 35,000 jobs, roughly in line with historical averages; social
assistance added 12,000. Fed officials have grown more upbeat on the labor
market and are shifting focus toward persistent inf; sustained inf pressure has
largely ruled out further Fed rate cuts.
