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Sharp job growth in United States


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Sharp job growth in United States

US job growth accelerated sharply in May, as sign of economic momentum that could put a September interest rate hike back on the table.

Non-farm payrolls increased by 280,000 in May, the Labor Department said. That is the largest gain since December.

The upturn is welcome news for the US economy whose sluggishness this year has been causing concern – particularly when GDP contracted during the first quarter.

Financial markets had therefore been doubting whether the Federal Reserve would be able to finally raise rates this year.

The Fed has kept overnight rates close to zero since December 2008.

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