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| US economy adds 280,000 jobs in May | US economy adds 280,000 jobs in May |
| (35 minutes later) | |
| The US economy added 280,000 jobs in May, more than analysts had predicted, the US Labor Department has said. | The US economy added 280,000 jobs in May, more than analysts had predicted, the US Labor Department has said. |
| "Job gains occurred in professional and business services, leisure and hospitality, and health care," the statement said. | "Job gains occurred in professional and business services, leisure and hospitality, and health care," the statement said. |
| However the jobless rate, based on a different survey, crept up to 5.5% from 5.4% but this was explained by more people entering the labour force. | |
| Average earnings rose 0.3% to $24.96 a hour compared to the previous month. | |
| On an annual basis that is a increase of 2.3%. | |
| This is a measure closely watched by policy makers as they assess when to start raising interest rates. | This is a measure closely watched by policy makers as they assess when to start raising interest rates. |
| Consistently higher wages, as well as the improving jobs market, will add to the argument for a rate increase, which most observers currently expect to happen in September, rather than at its next meeting in June. | |
| 'Momentum' | |
| The economy is expected to return to growth in the second quarter, after an unexpected contraction in the first three months of the year. | |
| It shrank by 0.7% between January and March but that was seen by many as an aberration, largely caused by an exceptionally harsh winter and a West Coast ports strike that severely damaged exports. | |
| "While today's jobs report... substantially raises the likelihood of the Fed taking the first step towards normalising policy and hiking rates in September, the FOMC [Federal Open Markets Committee] will be watching the data keenly in coming months to seek reassurance that the economy is not losing too much momentum, with eyes on the impact of the strong dollar in particular," said Chris Williamson, chief economist at the research firm Markit. | |
| The Labor Department also revised the figures from March and April. March was revised up to 119,000 from 85,000 while April was revised a touch lower to 221,000 from 223,000. | |
| It means that over the past three months companies have added an average of 207,000 jobs. | |
| Analysis: Michelle Fleury, New York | |
| The US labour market continues to heal. | |
| Jobs are being created and wages are rising. Even the slight increase in the unemployment rate can be seen as a positive sign - people are returning to the jobs market but not all are finding work. | |
| The labour participation rate - which counts those in employment or those who are looking - rose to 62.9% | |
| So is this jobs report strong enough to give the Federal Reserve - America's central bank - the green light to raise interest rates this year? They've been near zero for nearly seven years. | |
| Certainly the International Monetary Fund would like the Fed to wait until next year, when there is more of a rebound in wages and inflation. | |
| But after this Friday's jobs report, many on Wall Street now think the odds of a move in the second half of 2015 have just gone up. |