S&P U.S. Chief Economist Beth Ann Bovino On Friday's Jobs Report

S&P U.S. Chief Economist Beth Ann Bovino commented on the Friday jobs report.

Bovino told Benzinga that the strength in the numbers was a surprise and that the expected “drag from energy” was less than what was estimated. “The good news was...that prior numbers were upwardly revised so it looked even better."

Addressing the unemployment rate increase, Bovino said it was good news because it indicated more people entered the workforce, “so that the labor participation rate, which is incredibly low, has been reduced some.”

“Both people getting jobs and people entering the workforce is a good sign that the economy is expanding and that the jobs market is getting stronger,” Bovino concluded.

In the energy sector, however, Bovino saw more layoffs coming on the horizon due to low oil prices.

Kevin Riley and Brianna Valleskey contributed to this report.