Allianz chief adviser El-Erian said the latest US jobs report shows strength on
both demand and supply. Nonfarm payrolls rose to 162k, from a revised 21k and
roughly three times market consensus. Labor force participation increased to
61.6% from 61.4%, a near one-year high. Unemployment held at 4.1%. Average
hourly earnings rose 0.3% MoM, in line with expectations. These point indicators
to a still-strong US labor market with firm demand and stabilizing supply.
