Investors looking for clues on how the slightly weaker-than-expected June jobs report figures into the Federal Reserve's thinking on interest rates should relax, market watcher Richard Bernstein said Thursday, moments after the employment numbers were released.
"It's kind of a Goldilocks number—not too hot, not too cold," the CEO of Richard Bernstein Advisors told CNBC's "Squawk Box" in an interview. "I think if you were worrying that the Fed was going to rush to raise rates ... they're probably not in any rush to raise rates."
The CME FedWatch tool—which tracks market reaction on potential changes to the fed funds target rate—showed a 49 percent likelihood of a rate hike in December and a 66 percent chance in January 2016. The odds of a September increase dropped to just 10 percent.
On Thursday, a day early because of the long Independence Day weekend, the government said nonfarm payrolls increased 223,000 in June. The unemployment rate ticked lower to 5.3 percent.
The unemployment rate is now just a quarter to a half a percent away from signaling the United States has reached full employment, said Jan Hatzius, chief economist at Goldman Sachs. However, the overall amount of slack in the labor market is greater than the rate suggests, something that Fed Chair Janet Yellen has noted in the past, he added.
"What's important is that there are other aspects of labor market slack that aren't captured by the unemployment rate—people who are involuntarily part-time employed, and also people who have dropped out of the labor force for cyclical reasons and might come back if labor demand continues to improve," he told CNBC's "Squawk on the Street."