Economists argue that the economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population, and gains are slowing as the labor market nears full capacity.

Given the steady improvement in the employment data, many expect the Federal Reserve will raise interest rates this month. Options traders are placing a 93.5% chance the Fed will hike rates at its June 13 to 14 meeting.

“I do believe that the June rate hike is already priced in so it probably doesn’t change what the Fed wants to do,” Neil Massa, senior equity trader at Manulife Asset Management, told Reuters. “I think what it would change, if anything, was the possibility of them accelerating the rate hikes. After this I think it makes them more likely to stay the course than to accelerate.”

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