According to Nelson D. Schwartz of The New Your Times, the American economy roared into overdrive last month, delivering the strongest job gains since February. The Labor Department released its official hiring and unemployment figures for May on Friday, providing the latest snapshot of the American economy. 223,000 jobs were added last month.

Wall Street economists had expected an increase of about 190,000, according to Bloomberg. The unemployment rate was 3.8 percent, down from 3.9 percent in April and the lowest since early 2000. Expect interest rates to increase at least one more time this year, around September or December.

Are there any fears of inflation? well, good question. Most economist expect the momentum to continue, however, the further drop in the unemployment rate coupled with the increase in average hourly earnings just may stroke fears of inflation a bit. But why worry? Helping to keep you in the know. Diana

Source: Bureau of Labor Statistics & The New York Times