NEW YORK, June 2 (Reuters) - Stocks held strong gains in late morning
trading on Friday after a jobs report suggested that recent interest
rate increases by the Federal Reserve are succeeding in slowing the
economy.
The U.S. Labour Department reported that the May unemployment rate
climbed to 4.1 percent from its 30-year low of 3.9 percent. The
closely watched hourly earnings figure -- an indicator of wage-level
inflation -- rose only 0.1 percent to $13.65 while a 0.4-percent boost
had been expected.
``The unemployment rate picked up, which in today's perverse world is
seen as good,'' said Michelle Clayman of New Amsterdam Partners. . .
Tom Walker
