NEW YORK (TheStreet) -- The yield on the benchmark 10-year Treasury broke the 2.4% level for the first time since last October as a better than expected May jobs report stoked Federal Reserve rate-hike fears. Deloitte LLP CFO and global COO Frank Friedman, however, remained unperturbed.
"From a business perspective, I'm not certain it matters that much" said Friedman in an interview with TheStreet.com. "Businesses have been planning for a rate increase for 12 to 24 months. If they know it's going to happen, when it happens is not so significant because businesses believe it will."
The Labor Department said Friday the U.S. economy added 280,000 jobs in May, further proof that a weak March number was an aberration in a soft first quarter. Economists had expected the economy to add 210,000 jobs in May. April's jobs number was revised downward to 221,000 from 223,000.
"We are tracking for 2.6 million jobs [for the year] if you just assume the average of 217,000 and compared to 3 million jobs last year," Friedman said. "It may not be better than last year but it's certainly better than any time since the recession," he said. "I think businesses are relatively optimistic."
Meanwhile, the unemployment rate ticked up to 5.5% from 5.4%. Hourly earnings rose 0.3% in May, for a 2.3% annual rate. The labor-force participation rate increased to 62.9% from 62.8%.
While wages did increase in May, Friedman does not advise employees to storm into their human resources department and demand raises just yet.
"At some point the resources that you need are going to have to be limited. And so therefore when they're limited, wages go up," Friedman said. "I don't think the broad economy has seen that. The advantage has been that there has been a real wage increase because oil prices have gone down so much."
Friedman says the U.S. economy remains the strongest he has seen in his travels. Yet he has also witnessed growth in Europe and Japan.
"They were late to the table ... they being Europe, in particular, did not employ TARP," he said, referring to the Troubled Asset Relief Program. "They did not do the buyback of the treasuries as our Fed did. And so they were pretty late to the party. But it is getting stronger."