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Employment Report (May)

The better than anticipated 390,000 gain in non-farm payrolls adds to the signs that the economy is still strong while, amid a rebound in the labour force, wage growth is beginning to moderate. With wage growth still running well above rates that are consistent with the Fed’s 2% inflation target, however, that won’t stop the Fed from continuing to raise rates by 50bp at the next meeting or two.

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