Despite tepid growth, and even declines, in sectors such as retail, hiring in healthcare, leisure and hospitality, government, and manufacturing drove a gain in payrolls last month.

After months of relief, inflation statistics may look a bit higher this week, as the BLS is rolling out changes in how it tabulates health insurance costs, introducing a new methodology designed to smooth out volatility and reduce time lags.

Inflation is cooling, even as the job market remains resilient.

As inflation cools in the United States, it continues rising in Europe.

Inflation-adjusted spending was little changed in May and has essentially stalled since February, setting up the economy for a substantial slowdown.

Economists now expect the federal funds rate to peak at 5.25%, vs. the 5% they expected just last month.

Some analysts attribute the shockingly strong jobs numbers to government adjustments of the raw data. Others believe the labor market is actually still shockingly strong.

U.S. inflation data suggests price pressures have peaked, giving financial markets hope that the Federal Reserve's interest-rate hikes will soon pause.