Break In: Jobs Report

From Bloomberg News:

"Employers added 215,000 jobs in July and the unemployment rate held at a seven-year low of 5.3 percent, signs of further progress in the U.S. labor market that’s keeping the Federal Reserve on the path toward raising interest rates as soon as next month.

The gain in payrolls last month followed a 231,000 advance in June that was bigger than previously estimated, a Labor Department report showed Friday in Washington. While the data also showed a pickup in hours worked, average hourly earnings climbed a less-than-forecast 2.1 percent from a year earlier, indicating little momentum in wage growth.

The persistent pace of hiring this year indicates companies are sanguine about prospects for demand in the face of a tempered global growth outlook. Better job security that leads to bigger wage gains could encourage consumers to spend more freely and provide more momentum for the economy."

Talking heads are parsing this both ways right now on the financial networks.  We'll chalk this up once again in the "Things are Getting Better Department.  Probability now suggests an interest rate hike in September is much more likely.  

*Link Bloomberg: "Payrolls in U.S. Climbed 215,000 in July in Broad-based Gain".