Job growth rose sharply for the month of May according to Labor Department data released Friday. Nonfarm payrolls posted their biggest gains since December, increasing by 280,000 last month. Reuters has the details on the jobs report which indicates that wages are rising as well. Average hourly earnings increased by eight cents to take the year-on-year gain to 2.3%, its largest rise since August 2013. The strong jobs report coupled with rising wages point to more momentum in the economy and could prompt the Fed to raise interest rates. [REU]
Jobs Post Largest Gains Since December
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Related Topics:
Federal Reserve
, Interest Rates
, Jobs Report
, Labor Department
, Nonfarm payrolls
, Wages
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