The latest U.S. payrolls report did little to settle the debate about where the job market is headed, with ample fodder for both “soft-landing” believers and doubters over whether the Federal Reserve can tame inflation without sending millions of workers onto the jobless rolls.

True, the “blowout” gain of 272,000 jobs in May exceeded every single estimate among 77 economists polled by Reuters ahead of the release of the report on Friday, and the breadth of hiring was the widest in 16 months.

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