U.S. Economy Added 280,000 Jobs in May; Unemployment Rose to 5.5%

SAN FRANCISCO, CA - MARCH 27:  A "we are hiring" sign is displayed on a table during the San Francisco Hirevent job fair at the Hotel Whitcomb on March 27, 2012 in San Francisco, California. As the national unemployment rate stands at 8.3 percent, job seekers turned out to meet with recruiters at the San Francisco Hirevent job fair where hundreds of jobs were available.  (PHOTO CREDIT: Justin Sullivan/Getty Images)
SAN FRANCISCO, CA – MARCH 27: A “we are hiring” sign is displayed on a table during the San Francisco Hirevent job fair at the Hotel Whitcomb on March 27, 2012 in San Francisco, California. As the national unemployment rate stands at 8.3 percent, job seekers turned out to meet with recruiters at the San Francisco Hirevent job fair where hundreds of jobs were available. (PHOTO CREDIT: Justin Sullivan/Getty Images)

The U.S. economy added a robust 280,000 jobs in May, and the unemployment rate rose to 5.5% from a near seven-year low of 5.4% in April, according to the latest employment situation report released by the Labor Department.

That number beat economists’ expectations of 225,000, and job gains came from a wide range of sectors, including professional and business services, leisure and hospitality, healthcare, and construction, to name a few.

The jobless rate rose because more people, such as new college graduates, entered the workforce, suggesting growing confidence in the jobs market.

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SOURCE: TIME, Fortune, Chris Matthews

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