Resilient US economy posts third straight month of strong job growth

The U.S. economy posted a third straight month of strong job gains in May, strengthening the case for holding rates steady as inflation pressures persist from higher oil prices tied to the Middle East conflict. Nonfarm payrolls rose by 172,000 in May, following an upwardly revised 179,000 in April, while the unemployment rate held at 4.3% for a third straight month. Private-sector employment rose by 120,000 and government payrolls by 52,000. Over the prior three months, payroll gains averaged about 188,000 per month, far above the pace needed to keep up with working-age population growth. The Fed’s next policy statement is due June 17, as markets weigh the outlook.