Mohamed A. El-Erian , Columnist

Jobs Report Brings Much-Needed Good News

But it's not enough to drive the economic takeoff that the U.S. really needs.

August 5, 2016 at 2:19 PM UTC

Mohamed A. El-Erian is a Bloomberg Opinion columnist. A former chief executive officer of Pimco, he is president of Queens’ College, Cambridge; chief economic adviser at Allianz SE; and chair of Gramercy Fund Management. He is author of “The Only Game in Town.”

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The global economy desperately needed some good news. That's what it got in the latest U.S. jobs report.

Ahead of today's release of the U.S. employment report for July, the mood was decidedly gloomy, with economic activity slowing in most other advanced countries, the U.K. facing a real and present danger of an economic recession and the risk of financial instability looming. Last week's disappointing report on U.S. gross domestic product, which showed a decline in business investment threatening to drag down still-buoyant consumer spending, added to the concerns.