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Job creation in the US remains strong despite spike in borrowing costs

Job creation in the US remained robust last month, despite rising prices and a sharp spike in borrowing costs weighing on the economy.

Employers added 339 thousand jobs, but the unemployment rate rose to 3.7 per cent, from April's unusually low 3.4 percent.

The gains were far greater than expected, continuing a streak of hiring that has surprised economists.

Analysts have expected hiring to slow as the US central bank raises interest rates to try to rein in rising prices.



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