Wells Capital Management chief strategist Jim Paulsen told CNBC on Friday he's disappointed that the weaker-than-expected August jobs data may keep the Federal Reserve from hiking interest rates this month.
The government said Friday the economy created 151,000 nonfarm jobs last month, well short of the expected 180,000. The unemployment rate held steady at 4.9 percent, while average hourly earnings gained 0.1 percent.
Over the past three months, job gains have averaged 232,000.
Paulsen said the Fed should not look at just the August number, and instead put more emphasis on the strong moving average.
But even if the Fed were to hike rates, stock investors should be OK, he said. "Right now, we have a very strong correlation in the last six months between the 2-year [Treasury bond yield] movements and the stock market."
"If the Fed were raise rates in September it would be the first time maybe ever that the Fed would raise rates with a positive correlation," he added. "They could raise rates and the stock market should go up."
Paulsen also said an increase would send a signal to the market that the Fed thinks the economy is doing well.
Central bank policymakers meet Sept. 20-21, with market expectations for a rate hike this month now diminishing in light of the August jobs report.
Dan Suzuki, senior strategist at Bank of America Merrill Lynch, also warned on CNBC that investors not to read too much into the August job numbers to try to figure out the Fed. But he said a leading indicator in the report, the average workweek, was negative.