WASHINGTON–The U.S. economy continues to add jobs at a steady pace, and that has led to new predictions that the Federal Reserve will move before year-end to raise rates.
But those predictions have also been coming almost monthly for more than a year.
The Department of Labor released data showing the economy added 215,000 jobs during July, following similar numbers in May and June. The unemployment rate, however, has remained unchanged at 5.3%, but some economists are predicting that if the job growth continues unemployment will drop below 5% by late 2015 or 2016.
Fed officials have cited employment as a key factor for deciding when to move on short-term rates, which have been at near zero since 2008. The Fed will next meet in September, followed by a meeting in December.