WASHINGTON — The May employment report was largely as expected, allowing securities dealers to go back to worrying about whether moderate economic growth is enough to alter central bank policy any time soon.

May payrolls were up 175,000 and April-March revisions totaled a small 12,000 decrease. The 12-month average jobs gain is now up 172,000 a month. This illustrates that real economic growth remains in the average range at about 2%.

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