U.S. private payrolls rise in May; weekly jobless claims fall

By Lucia Mutikani WASHINGTON (Reuters) - U.S. private employers increased hiring in May and new applications for jobless benefits fell last week, further boosting the economic outlook for the second quarter. The steady stream of upbeat data suggest the economy is regaining momentum after growth slowed sharply at the start of the year, which could allow the Federal Reserve to raise interest rates later this month or in July. "Labor market conditions are stable, which is all the reassurance the Fe