Hot jobs market piles pressure on Federal Reserve to raise rates later this summer

Unexpectedly strong hiring across the US economy has piled pressure onto the Federal Reserve to raise interest rates later this summer if it skips an increase at its forthcoming policy meeting this month. 

Payrolls growth once again boomed in May, with nearly 340,000 positions added to a broad swath of sectors, data released on Friday showed. The result underscored the powerful momentum that sustains the US labour market, and raised the…