It was the 92nd consecutive month of job creation. Most economists expect the momentum to continue, but a deeper drop in the unemployment rate or a big bump up in average hourly earnings would stoke fears of inflation and, in turn, a more hawkish Federal Reserve.

Fed policymakers are almost certain to raise interest rates when they meet this month, with at least one additional increase likely in the second half of 2018.

In May, average hourly earnings rose slightly, lifting the year-on-year gain to 2.7 percent. That’s healthy enough to assuage fears that wages are stagnating but not so strong as to change the Fed’s expected course.

“It was a stronger report than expected, but it wasn’t so hot as to lead the Fed to believe it’s behind the curve,” said Michael Gapen, chief United States economist at Barclays, adding that the Fed’s plans shouldn’t worry stock-market bulls. “It will keep the Fed on its gradual normalization path.”