A strong jobs report won't alter the Fed's course

The US recovery has just reached a significant milestone, with non-farm payrolls finally passing their pre-crisis peak. But that doesn't mean the Federal Reserve will raise rates any time soon.

The US economy might have contracted in the first quarter but it has rebounded quickly, with non-farm payrolls posting its strongest four-month period in two years. 

Non-farm payrolls rose by 217,000 in May, consistent with expectations, following solid gains since February. Job creation in April was revised down to 282,000 (from 288,000).

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