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"We cleared the last hurdle for a rate increase. The Fed was looking for some positive movement on wages, and we got a little bit of that. There is absolutely nothing in this report that will keep the Fed from raising rates," said Chris Gaffney, president at EverBank World Markets in St. Louis.

hed employment report came a day after Fed Chair Janet Yellen struck an upbeat note on the economy when she testified before lawmakers, describing how it had largely met the criteria the U.S. central bank has set for the Fed's first rate hike since June 2006.