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Last week's jobs report was "almost a tale of two economies," strategist Burns McKinney told CNBC on Monday.
"You had the very weak GDP numbers prior to that, but then you saw the jobs report came out much stronger than expected," the Allianz Global Advisors portfolio manager said on "Squawk on the Street."
On Friday, the Labor Department said the economy added 255,000 jobs in July, well above economist expectations of 180,000.
The upbeat jobs number followed a disappointing report from the Commerce Department that said that the U.S. economy only grew at a 1.2 percent annual rate during the second quarter. Economists polled by Reuters had expected gross domestic product growth of 2.6 percent.
Given the global economic environment, GDP growth of 2 percent isn't a bad thing for U.S. markets, said Bob Doll, chief equity strategist and senior portfolio manager at Nuveen Asset Management. He said that if the economy continues to grow at this rate, central banks will remain "a tailwind for the stock market."
"It will allow the consumer, which is the key, to continue to spend money judiciously and move us forward in terms of profits and that's what the stock market needs," Doll said in an interview on "Squawk Box."
He said that while that's not enough to boost the stock market by double digits, it also won't create all the excess that raises worries about recession. Doll said U.S. equities are the "best house in that bad neighborhood. ... and that's why the U.S. stock market has continued to outperform."