The S&P 500 and the Nasdaq hit record highs on Friday as a bigger-than-expected rise in US monthly payrolls offered tentative signs that a worker shortage could be starting to ease, putting job market recovery back on track.

The US labour department’s closely watched employment report showed nonfarm payrolls increased by 850,000 jobs last month, as companies raised wages and offered incentives to draw millions of reluctant Americans back into the labour force. The unemployment rate rose from 5.8% to 5.9% in May. Average hourly earnings rose 0.3% last month, less than forecast...

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