Economic Report: U.S. gains 255,000 jobs in July

WASHINGTON (MarketWatch) — The U.S. generated 255,000 new jobs in July, furnishing fresh proof that companies are still hiring plenty of workers even though the economy is operating at a lower speed.

The second straight large gain in hiring largely puts to rest any doubts about the health of the economy after unusually weak employment gains in May that at first raised alarms about the seven-year-old U.S. recovery.

The much stronger than expected increase in new jobs also raises the odds that the Federal Reserve might raise interest rates as early as September. The central bank held off after job creation appeared to slow in May.

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