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Friday, June 5, 1998 Published at 12:59 GMT 13:59 UK


Business

US employment continues to boom



US unemployment figures in May provided fresh evidence that the economy is continuing to perform strongly.

The unemployment rate remains at a 28-year low as the labour market continues to be in buoyant mood.

Payroll employment outside the farm sector climbed 296,000 following upwardly revised growth of 302,000 in April. The figures surpassing Wall Street economists expectations, who had forecast an increase of 221,000 jobs in May.

However average earnings held steady at $12.73 per hour, up just 4 cents on April's figure.

The jobless rate is still 4.3%, its lowest level since 1970.

The better than expected job figures are expected to mean that US stocks open slightly lower when Wall Street begins trading.

Retail sales figures due out next week are also expected to show strong growth.



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