Jobs added to US economy in May

<p>The US economy added 175,000 jobs last month.</p>

Some 175,000 jobs were created in the US last month, narrowly exceeding expectations.

The latest US non-farm payrolls show that despite the fact 175,000 new roles opened up last month, the unemployment rate in the country rose to 7.6 per cent.

In a statement, the Labor Department insisted that joblessness has remained at around the same level as it stood at during April.

"Both the number of unemployed persons, at 11.8 million, and the unemployment rate, at 7.6%, were essentially unchanged in May," it noted.

Markets in the US responded well to the release of the US non-farm payrolls and the Dow Jones, the S&P 500 and the Nasdaq were ahead by 0.4 per cent, 0.5 per cent and 0.3 per cent respectively in early trading.

Last month, both the Dow Jones and the S&P reached higher points than ever before. The former market was up by 0.34 per cent to 15,387.58 to set a new peak and the latter jumped 0.17 per cent to 1,669.16.

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