May’s employment data was excellent! Payrolls rose by 280,000, upward revisions were made to prior months, and because the labor force participation rate grew 0.1% for the second month in a row, the unemployment rate increase from 5.4% to 5.5% is good. Moreover, average hourly earnings were up 2.3% year-over-year, continuing their slow rise and their best year-over-year gain by a nose since 10/09. September rate rise, here we come!