Jobs Report Won't Pull the Fed Forward to Raise Interest Rates Sooner

The Bureau of Labor Statistics reported July nonfarm payrolls climbed by 209,000 and the unemployment rate ticked up to 6.2%
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The Bureau of Labor Statistics reported July nonfarm payrolls climbed by 209,000 and the unemployment rate ticked up to 6.2%. Wells Fargo deputy chief investment officer Darrell Cronk tells TheStreet's Joe Deaux that this was an 'across the board good' report. He says the numbers weren't too good to force the Federal Reserve to push up its target to raise the federal funds rate. Cronk says this gave the equity markets a sigh of relief. The June figure was upwardly revised to 298,000 jobs, while the May figure revised higher to 229,000 jobs. Wage inflation grew 2% from a year ago.