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U.S. Job Growth, Wages Post Solid Gains in May06-11-15 | News

U.S. Job Growth, Wages Post Solid Gains in May

The Department of Labor says nonfarm payrolls increased 280,000 in May, the largest monthly gain since December 2014.

Jobs and wage data in the month of May were so strong the U.S. Federal Reserve might react by hiking interest rates later this year.
Nonfarm payrolls increased 280,000 last month, the biggest gain since December 2014, the U.S. Department of Labor said in a recent news release.

Average hourly earnings rose eights cents in May.
In addition, payrolls for March and April were revised to show 32,000 more jobs were created than what had been previously reported.
The unemployment rate rose to 5.5 percent from a near seven-year low of 5.4 percent in April, but the slight increase has been attributed to more people, including new college graduates, entering the labor force.
"The strong jobs report shows that the underlying trend in the economy is continuing to improve," said Michelle Meyer, senior economist at Bank of America Merrill Lynch in New York. "This leaves the Fed on course to start hiking rates in September."
Automobile sales and manufacturing data for the month of May also suggest the economy is gaining "traction" after a slow start in the second quarter.