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JJ Kinahan On Jobs Report

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JJ Kinahan On Jobs Report

The trajectory of interest rates won't change with the improved jobs data, JJ Kinahan, chief strategist and managing director at TD Ameritrade Holding Corp. (NASDAQ: AMTD) told Benzinga.

"No, report was strange, in right direction and was great to see better construction numbers. However, it's tough to see manufacturing down that much even with solid healthcare numbers," Kinahan said.

Meanwhile, Kinahan noted that the dovish comments from the Fed's Janet Yellen have muted the significance of jobs report.

Answering a question on whether the jobs report lost a bit of their significance, Kinahan said, "They are still a significant report, but Yellen's comments from earlier in the week muted the report. Market wasn't sure what to do with this information, the Yellen rally continues."

Related Link: TD Ameritrade's JJ Kinahan Tells Benzinga Wage Decline Is "Tradeoff" Currently For Job Creation

Kinahan also expressed optimism on the increased participation rate, which is reaching pre-crisis levels.

"It was good, you can see from the number that people believe they have ability to get jobs right now," Kinahan concluded.

Data from the U.S. Labor Department showed that non-farm payrolls increased 215,000 and the unemployment rate rose to 5.0 percent from a previous 4.9 percent. The data proved to be disappointing, as the consensus estimate was calling for the unemployment rate to remain unchanged at 4.90 percent.

The U.S. Secretary of Labor Thomas Perez issued the following statement about the March 2016 employment situation report, "The labor force participation rate and employment-population ratio are trending up, reaching two-year and seven-year highs respectively."

"There are so many reasons to be bullish about our economic future, but we can't become complacent about the challenges that remain. Continued weakness in manufacturing, for example, is a reminder that we must keep working to restore balance to the economy, to ensure that the recovery benefits people in all communities, up and down the income spectrum."

Image Credit: Public Domain

Posted-In: employment Janet Yellen JJ KinahanAnalyst Color News Econ #s Economics Interview Best of Benzinga

 

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