The US Department of Labor released their monthly jobs report on Friday and numbers showed an increase of 280,000 nonfarm payrolls in May.
(Side note, for those that don’t know, nonfarm payrolls are basically everyone except general government employees, farm employees, non-profit employees, and private household employees. Now back to the numbers.)
280,000 jobs for the month of May is the largest number we’ve seen since December. Analysts on Wall Street anticipated that there would only be a rise of 225,000.
The unemployment rate rose slightly from 5.4 to 5.5 percent. Don’t be alarmed, though. This is a semi good number for the sole reason that more people are re-entering the work force and college grads aren’t turned off or discouraged from trying to find work. When more people begin looking for a job again, it shows that there is a little bit more confidence in the future outlook of finding work.
As a result of these numbers, the Fed may consider to raising interest rates by year’s end (if the Chinese didn’t already hack that too and change it to a negative number). Overnight interest rates have been near zero since December 2008, a time which we all can pretty much remember sucked for everyone when it came to Christmas gifts.
Still not getting the information? Don’t worry, here’s a breakdown of the numbers, and some additional numbers below according to Reuters:
- 280,000 new payrolls (Good number, up from estimates)
- 5% unemployment (Thanks Obama…jk, it’s a slight increase, but a good increase)
- March and April jobs revised number up 32,000 extra jobs (always a good thing when previous months jobs are revised upward…set those expectations low!)
- Hourly wages are up (maybe for some, but not most of us)
- Average work week: 34.5 hours (UGH if only most of us could work less than 40+ hours).
If you’re still discouraged, don’t be. For college grads, the job market is the best it’s been in quite some time. Spruce up that resume and cover letter and start looking!