May rocks jobs report with 280,000 gain in nonfarm payrolls

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    The May jobs report is in, and it’s looking better than expected.

    The U.S. added 280,000 jobs last month, the largest gain since December, reports Reuters. Unemployment rose slightly from 5.4% to 5.5%, but that is likely due to the recent influx of college graduates. The job increase could put the Federal Reserve back on track for a September rise to interest rates. Take that IMF!

    Economists had forecast an additional 225,000 jobs last month, and unemployment staying at 5.4%. Last year’s job growth average was 260,000.

    Average hourly earnings year-on-year were up 2.3%, the largest rise since August 2013. Some states and corporations have recently raised minimum wage. Walmart announced this week that more than 100,000 of its U.S. workers would be getting a wage raise.

    Manufacturing jobs were up by 7,000 in May, compared to 1,000 in April. Mining recorded its fifth straight month of losses, down 18,000 jobs. Construction was up 17,000 thanks to a strengthening housing market.

    Photo: Kathryn Decker via Flickr.