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US Job Growth Surges
World Economy

US Job Growth Surges

US job growth accelerated sharply in May and wages picked up, signs of momentum in the economy that could put a September interest rate hike from the Federal Reserve back on the table, Reuters said. Nonfarm payrolls increased 280,000 last month, the largest gain since December, the Labor Department said on Friday. While the unemployment rate rose to 5.5% from a near seven-year low of 5.4% in April that was because more people, likely new college graduates, entered the labor force, indicating confidence in the jobs market. Payrolls for March and April were revised to show 32,000 more jobs created than previously reported.

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