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Job growth rises but layoffs persist
In May, the U.S. economy experienced a third consecutive month of strong job growth, with employers adding 172,000 jobs and the unemployment rate remaining at 4.3%. Layoff notices declined compared to earlier in the year, with 250 filings affecting 32,000 workers, including nearly 7,000 from Spirit Airlines, which ceased operations. Despite steady employment gains, disparities persist in the labor market, and ongoing geopolitical and economic uncertainties pose potential risks. WARN Act data indicates that large-scale layoffs remain a concern, with California leading in recorded job cuts.
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