The US economy generated 272,000 nonfarm jobs in May, according to the Labor Department, a number well above market expectations, which were generally in the region of 180,000.

The unemployment rate nevertheless rose by 0.1 points to 4%, where economists were anticipating stability at 3.9%, while the labor force participation rate stood at 62.5%, and average hourly earnings rose at an annual rate of 4.1%.

In addition, non-farm payrolls for the previous two months were revised, from 315,000 to 310,000 for March and from 175,000 to 165,000 for April, for a total revision balance of -15,000 for these two months.

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