BlackRock's Rieder Sees Jobs Cresting After Months of Expansionby
Federal Reserve tightening could have started earlier, he says
China slowdown, global growth suggest U.S. job market peaked
Rick Rieder, chief investment officer of fundamental fixed income at BlackRock Inc., said the U.S. job market has reached a high after about a year of strong growth.
Employers added 211,000 jobs in November, more than economists had forecast, a Labor Department report showed Friday. The report underscored Federal Reserve Chair Janet Yellen’s confidence that the U.S. economy is strong enough to withstand higher borrowing costs.
"With global growth being what it is, and China slowing, I think we are cresting, which is ironic that the Fed is now starting the normalization process," Rieder said on Bloomberg Television. "Which I think is right, but I think it could have started a bit earlier."
Rieder said November’s jobs report was solid.
"We are talking about 12 months of on average of about 220,000 jobs. We are talking very solid numbers," he said.