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In a good sign for people looking for work, the U.S. economy gained 280,000 jobs in May. Economists surveyed by CNNMoney projected there would only be 222,000 jobs gains.

The unemployment rate ticked up slightly in May to 5.5%, according to the Labor Department. That increase is likely a sign that more people returned to the work force.

May's jobs report is welcome news after the winter slowdown. The economy actually contracted in the first three months of this year, sparking concerns that hiring would taper off.

On Thursday, the International Monetary Fund expressed concern over the U.S. job market, especially how worker pay isn't going up much.

Wages grew only 2.3% in May, well below the 3.5% wage growth the Federal Reserve wants to see. Still, wage growth beat expectations. Wages remain the last major economic measure to turn the corner and make significant progress.

March was the worst month of job growth this year, but the Labor Department revised up March's job gains from 85,000 to 119,000 on Friday. April's job gains were revised down slightly to 221,000.

Overall, Friday's job news is a positive surprise for the economy.

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As in every first Friday of the month, today there's the NFP announcement.

What is it? It checks the change in the number of employed people during the previous month, excluding the farming industry.

Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.

When? June 5th at 8:30am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.

Vote on how the announcement will go:

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Make sure to connect early tomorrow to trade before the NFP!

The Federal Reserve should wait until the first half of 2016 before raising interest rates because inflation remains too low and there are "significant uncertainties as to the future resilience of economic growth," the International Monetary Fund said Thursday in its annual review of the U.S. economy.

After the economy shrank in the first quarter, the agency also cut its forecast for U.S. growth this year to 2.5% from 3.1% in April.

The IMF's recommendation runs counter to Fed policymakers' public statements that the central bank probably will raise it benchmark rate this year. The rate has been near zero since the 2008 financial crisis.

"Inflation is not progressing at a rate that would warrant, without risk, a rate hike in the next few months," IMF Managing Director Christine Lagarde said at a news conference in Washington. "The economy will the better off with a rate hike in early 2016."

In its concluding statement of its consultation with the US, the IMF said, "There is a strong case for waiting to raise rates until there are more tangible signs of wage or price inflation than are currently evident." It said its recommendation was based on the current trajectory of economic growth and inflation.

"Raising rates too soon could trigger a greater than expected tightening of financial conditions or a bout of financial instability, causing the economy to stall," the agency added. "This would likely force the Fed to reverse direction, moving rates back down toward zero with potential costs to credibility."

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U.S. stocks were higher in early trading on Wednesday after data showed that the country's private sector added more jobs than expected in May and the European Central Bank left interest rates unchanged at record lows.

U.S. private employers added 201,000 jobs last month, a report by a payrolls processor ADP showed, higher than the 165,000 additions in April and economists' estimate of a gain of 200,000 for May.

The data is a precursor to the U.S. Labor Department's non-farm payrolls report on Friday, which includes both public and private-sector employment numbers.

"There was nothing disturbing in the numbers," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.

"The number is strong enough to create some sensitivity around the timing of a rate hike in the second half of the year."

The ECB's decision to leave rates unchanged was widely expected after the central bank cut rates to rock-bottom levels last September and said they had hit "the lower bound".

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