BlackRock's chief investment officer of fundamental fixed income said on "Squawk Box" the government's May nonfarm payrolls number of 38,000 growth was "extreme," but the trend lower was "real," considering how much the labor market has improved in recent years.
Economists had expected 164,000 new jobs last month.
"We've had pretty extraordinary job hiring," said Rieder, noting that 7.5 million jobs were created in the past three years. "It's more than the prior 13 [years] combined."
The unemployment rate fell to 4.7 percent, a greater-than-expected 0.3-point decline that can be partly explained by a drop in the rate of participation in the labor market. An average hourly earnings gain of 0.2 percent matched estimates.
Investors are looking to Fed Chair Janet Yellen's 12:30 p.m. ET speech on Monday for what this worst jobs report in more than five years means for a possible summer rate hike.
The Fed meets next week, and in late July.
"I think Chair Yellen will keep July open and see. You get a lot of data between now and the ... [July] meeting. You get a couple of CPI reports; you get another payroll report; you get retail sales," Rieder said.