The March jobs report was a win-win for stocks and the Fed, economist Mohamed El-Erian says
The March US jobs report showing a slowdown in hiring in a still-robust economy should boost stocks and keep the Federal Reserve on course with raising interest rates to fight inflation, economist Mohamed El-Erian said Friday. last month, shy of the median forecast of 239,000 among economists and below February's upwardly revised gain to 326,000.
The unemployment rate fell, and the labor force participation rate rose, indicating people were looking for jobs and going back to work at the highest pace since before the COVID pandemic hit. "It's good to see good economic news," El-Erian, chief economic adviser at Allianz, said on Bloomberg TV after the Labor Department released its report. "We are making this transition where the stock market was obsessed with interest-rate risk to one that is concerned about credit risk," he said. El-Erian was referring to the recent banking industry turmoil set off by last month's failures of Silicon Valley Bank and Signature Bank.
"This number here suggests that it should be less concerned about credit risk for the moment," said the economist who also serves as president of Queens' College in Cambridge, England.
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