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US economy looks stronger as hiring, wages pick up

The unemployment rate ticked up slightly to 5.5 percent, according to the Labor DepartmentUS businesses accelerated hiring and raised wages at a faster pace last month in a fresh sign the country’s economy is rebounding from the winter stall. In a report that gives the Federal Reserve more reason to move toward an interest rate hike in the coming months, the Labor Department said Friday that the economy pumped out 280,000 jobs in May, far more than expected and well above the past year’s pace of 251,000 a month. Wages, which have been frustratingly flat since the country’s emergence from the 2008-09 recession, also picked up in an indication that the labor market is tightening.

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