Economy Adds 255,000 Jobs in July, Paving Way for Near-Term Fed Hike

The labor market is roaring. The economy added 255,000 jobs in July, beating estimates of 185,000. May's jobs numbers were revised to plus 24,000 from plus 11,000 jobs. June's number was updated to plus 292,000 positions from plus 287,000 positions. Average hourly earnings rose 0.3 percent, beating estimates of 0.1 percent. TheStreet's Scott Gamm and Moody's Analytics' chief capital markets economist John Lonski discuss what the report means for the Federal Reserve's looming rate hike.