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According to a CNN report, as Wall Street has gyrated lately, Main Street economist Bill Hampel has watched with a bemused smile. Trade on, brethren. To the chief economist of the Credit Union National Association, the economy looks pretty steady and Friday's jobs report looks like more of the same — or a little better.

The government says the U.S. added 195,000 jobs in June. That is a good bit better than the 165,000 economists had projected and also a little better than the basically-bullish picture Hampel painted before the report. The unemployment rate stayed at 7.6%. No matter by how many trillions Wall Street changes derivatives' prices trying to guess the Federal Reserve's next move, the fundamentals look pretty good, he says.

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