President Donald Trump's policies haven't hurt the economy but that may be the only part he played for the latest employment number, strategist David Kelly told CNBC on Friday.
"(Trump) is right to say that he's done nothing that actually hurts the economy but the economy had a fair bit of momentum going into this already. Right now the economy and markets are really kind of ignoring what's going on in Washington," the chief global strategist at JPMorgan Asset Management said on "Squawk Box."
Kelly spoke after Trump praised Friday's jobs report, which showed the U.S. economy added 209,000 jobs in July and the unemployment rate ticked down to 4.3 percent. In a tweet, Trump said "I have only just begun. Many job stifling regulations continue to fall. Movement back to USA!"
The White House has attempted to bolster economic growth by canceling a number "job killing" regulations Trump said were put in place by the previous administration. Trump has withdrawn or delayed 860 proposed regulations in his administration's first five months. That includes 19 regulations with an economic impact of $100 million or more, according to The Associated Press.
But one Trump policy that actually could stifle the economy, Kelly said, is immigration. On Wednesday, Trump embraced legislation put forth by two senators to cut legal immigration into the U.S. in half within a decade, which could hurt his own agenda for economic growth.
"We actually need more qualified immigrants in the United States in order to grow the economy," Kelly said.