Mixed signals in March jobs report for US economy and stocks.

Economist Mohamed El-Erian believes that the March jobs report, which showed a slowdown in hiring in a still-robust economy, is a win for stocks and should keep the Federal Reserve on course with raising interest rates to fight inflation. The report showed solid job creation, including in services, and the unemployment rate fell, indicating people were looking for jobs and going back to work at the highest pace since before the COVID pandemic hit. El-Erian expects the Fed to go ahead with a 25 basis point rate hike in May.