NEW YORK (TheStreet) -- Some 225,000 jobs were created during May, according to estimates from JPMorgan Chase's  (JPM) chief economist, Anthony Chan.

"We're continuing to see the labor market show signs of improvement," he said in an interview. "Businesses are feeling a little more confident about hiring, and of course if the economy slips or falters, they may change their mind in the next couple of months. But so far everything seems to point in the direction of continued job growth."

Chan also said he thinks the labor market will recover from the weakness seen during the first quarter, when job creation averaged 191,000 a month, according to the Bureau of Labor Statistics. That's down from 288,000, during each month of 2014's fourth quarter.

"If you look at the last five years, or at least four of the last five years, you've seen a lot of weakness in the first quarter and then you see a bounceback," he said.

Chan is expecting a bounceback in the second quarter. Noting that the weakness during first quarter was not so severe, he said that's why investors shouldn't expect a significant rebound in second quarter.

First-quarter softness in the labor market was largely attributed to cold temperatures and fallout from the West Coast port strike.

That said, each jobs report will be scrutinized extra closely. The Fed is planning to hike short-term interest rates for the first time in nine years. A stronger labor market could prompt central bankers to raise rates sooner. Low rates have helped stocks reach record highs. Investors are on edge about how the markets will react once the Fed pulls the trigger.

But the Fed won't just be watching the headlines for the nonfarm payrolls number. It will also be looking at wage growth, which has remained tepid for years. The report on average hourly earnings for May will be released on Friday.

"The Fed would like to see wages picking up a little bit more, which have been a no-show, up just 2.2 percent year over year," Chan said.

While Chan expects wages to grow possibly 2.5%, he said that's still too low for the Fed.

"Janet Yellen said very clearly she would like to see wages rise between 3 to 4 percent. So although we're going to see upward pressure on wages, we're still far away from that zone in which the Fed feels comfortable," Chan added.

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