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Economy Adds 215,000 Jobs in July, September Rate Hike Is ‘Coin Toss’

The economy added 215,000 jobs in July, slightly below the consensus estimate of 223,000, putting Federal Reserve watchers on-edge, amid its looming rate hike.
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The economy added 215,000 jobs in July, slightly below the consensus estimate of 223,000, putting Federal Reserve watchers on-edge, amid its looming rate hike. Nick Colas, chief market strategist at Convergex, a New York-based brokerage firm, said Friday’s labor report from the Bureau of Labor Statistics was a good report, not a great report. ‘We did get some nice revisions to the prior two months, netting us 14,000 jobs,’ he said. ‘It’s a solid report, but it doesn’t say anything about what the Fed is going to do.’ June’s report was revised higher to 231,000 from 223,000, while May’s numbers were bumped to 260,000, instead of 254,000. Colas thinks a September rate hike is a coin toss and said the Fed is more likely to move rates off of zero during its December meeting. TheStreet’s Scott Gamm reports from New York.

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