The economy added 280,000 jobs in May—the strongest month of the year so far—as wages continued to rise and the participation rate ticked upward. We have now added 5.6 million jobs over the past two years, the best two-year job growth since 2000. Although the job market has made considerable progress throughout this recovery, challenges remain for our economy and there is more work to do. The President is committed to building on the positive trends through a comprehensive agenda to boost employment and wages for the middle class, including urging Congress to take important action such as opening new markets for U.S. goods and services through expanded trade, increasing investments in infrastructure, providing relief from the sequester, and raising the minimum wage.
FIVE KEY POINTS ON THE LABOR MARKET IN MAY 2015
1. The private sector has added 12.6 million jobs over 63 straight months of job growth, extending the longest streak on record. Today we learned that private-sector employment rose by 262,000 in May. Our businesses created more than 200,000 jobs in fourteen of the past fifteen months—the first time that has happened since 1995. On the whole, our economy has added 3.1 million new jobs over the past twelve months, just off the fifteen-year high achieved in February.
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