El-Erian on The Market Reaction to the Jobs Report

The Market Reaction to Jobs Report was Muted , The jobs report was good, but we need better data than we are getting right now, says Mohamed El-Erian Pimco CEO, co-CIO: "it's interesting to see the market reaction. the numbers are good not only in terms of overall numbers but in terms of hours and the action is very muted and i think the three underlying that we are benefiting from household savings and it's not clear how long that is going to continue. two, Europe. things are getting worse in Europe. David earlier spoke about it Spanish deficit. we have factory numbers out of Germany today. and then there is general deleveraging. we continue to see the demand curve for European securities in particular shift inward. so it's not enough to get a good number. we need a really good number and we didn't get that today." Mohamed El-Erian said