A disappointing jobs report isn't enough reason to think stocks are headed lower, Deutsche Bank U.S. Chief Economist Joe LaVorgna said Friday.
On CNBC's "Fast Money," he characterized the reported slow job creation in March as being just one data point that might be revised yet.
"Give me a break," he said. "I mean, this report is so flimsy with so many revisions. We could find out job growth was zero," LaVorgna said. "We could find out job growth was 200,000, and that would be well within the range of error."
LaVorgna said it would be prudent to wait where the numbers are a few weeks from now, which would show whether March's job creation figure was an anomaly.
Also, upward revisions of employment have averaged 70,000 per month over the past couple of years, he said. Consumer sentiment was stronger, too, with discretionary spending on the rise even as the temporary payroll tax cut expired.
Those factors – as well as a return of the housing sector and corporate profit growth – would bode well for the stock market, LaVorgna said.
"Equity prices, I still believe, are going significantly higher," he said. "And I think yields are going higher with them."
Trader disclosure: On April 5, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long WMT; Tim Seymour is long SBUX; Steve Grasso is long AAPL; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long HPQ; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long AAPL; Steve Grasso is funds long T; Steve Grasso is funds long HPQ; Steve Grasso is funds long ZNGA; Steve Grasso is funds long BX; Steve Grasso is funds long PG; Karen Finerman is short IWM; Karen Finerman is long IWM Puts; Karen Finerman is short SPX; Brian Kelly is long TREASURY; Brian Kelly is long GILTS; Brian Kelly is short S&P; Brian Kelly is short DAX; Brian Kelly is short OIL; Brian Kelly is short COPPER.
