Markets See Good News in ‘Ambiguous’ Job Report, El-Erian Says
- Mixed job report provides little new information for Fed
- For markets, ‘good news is good news; bad news is good news’
A welder works on assembling a tanker at a shipyard in Philadelphia, Pennsylvania.
Photographer: Mike Mergen/BloombergThis article is for subscribers only.
Investors are taking the US job report as “good news” even though the mixed payroll figures provide few solid signals for policymakers, according to Mohamed El-Erian, the president of Queens’ College, Cambridge.
“The bottom line for policymakers and most economists, we will see this as not containing much new information,” El-Erian told Bloomberg Television. But investors’ current mindset is that “good news is good news; bad news is good news,” he said.