Economy Adds 223,000 Jobs in April Sending Stocks Higher

The economy added 223,000 jobs in April, largely in line with forecasts, according to the Bureau of Labor Statistics in a report released Friday. The unemployment rate stands at 5.4%. March's jobs numbers were revised downward to 85,000 jobs, compared to a previously reported 126,000 jobs. The weakness in March was largely due to cold weather. Plus, average hourly wages rose 2.2% over the past year. TheStreet's Scott Gamm speaks with Jerry Webman, chief economist at OppenheimerFunds, to discuss the April report and what these latest numbers mean for the Federal Reserve as it prepares for its first rate hike since 2006.