Despite strong job creation data for April, wage numbers are still weak and point to an economy that is still wobbling, Mesirow Financial chief economist Diane Swonk said Friday.
Average hourly earnings rose 2.2 percent from a year ago, although only by 3 cents to $24.87 from March, Labor Department said Friday.
"The porridge is still too cool from my perspective and certainly from the Fed's perspective and that's why you are not going to see a June rate hike," she said on CNBC's "Squawk on the Street."
Swonk said that household survey numbers show a lot more job gains this year that could mean more positive surprises in May and June.
BlackRock's Russ Koesterich said investors liked the report because it was neither too hot nor too cold.
"The reason the market likes this number is because it alleviates concerns that Q1 was a warning about slow growth, and yet it's probably not going to produce an imminent lift-off from the Fed," BlackRock's global chief investment strategist said on CNBC's "Squawk Alley."
Koesterich said had the jobs-creation number been closer to 300,000, there would have been a selloff in equities and bonds. He expects a rate hike in the fall and recommends that investors watch out for stocks and industries that could be affected by higher rates, like utilities.
David Kelly, JPMorgan Funds chief global strategist, said that with a seven-year-low 5.4 percent unemployment rate, "there is no way we should be zero on the Fed's fund rate."
"I think they will move rates either on July 30 or in the middle of September," he said. "If the labor market continues to tighten the way it is doing, they're going to be forced into a more normal pace of tightening in 2016."