Hiring in May closely tracked the year-long trend of steady, though unremarkable growth in payrolls. The private sector continues to show considerable resiliency in the face of government spending cuts, political gridlock in Washington and difficulties in Europe. With the stock market rising and the housing market on the upswing, consumers continue to spend and maintain a confident outlook. The recovery in housing is building at a time when some segments of manufacturing are losing momentum, and home sales and development will take the reins a major engine of economic expansion in the coming months.

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