U.S. job growth unexpectedly surged in May, as the labor market remained surprisingly resilient even in the face of rising interest rates, declining economic growth and bank turmoil.

Employers added 339,000 jobs in May, the Labor Department said in its monthly payroll report released Friday, easily beating the 190,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, jumped to 3.7% – much higher than the 3.5% estimate. 

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