US payrolls show companies keep hiring

Nonfarm payrolls increased by 390,000 in May. The figure, which kept the unemployment rate at a 50-year-high of 3.6%, beat estimates by over 60,000 and went a small way in quelling fears of an economic slowdown. The gains in jobs were broad-based with leisure and hospitality leading while retail suffered, suggesting consumers were shifting from goods spending to services. Labour force participation did also edge higher, rising to 62.3% though still 1.1% below pre-covid levels.