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Trump hasn't hurt the economy but that's about all he can claim, says JPMorgan strategist

  • President Trump praises Friday's jobs report in a tweet and says he has "only just begun."
  • But JPMorgan's David Kelly says "the economy and markets are really kind of ignoring what's going on in Washington."
  • "(Trump) is right to say that he's done nothing that actually hurts the economy," he adds.

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 Trump has withdrawn or delayed 860 proposed regulations in his administration's first five months.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.

Go sign for the Fed

Also on "Squawk on the Street" on Friday was Tom Porcelli of RBC Capital Markets. He said the latest job number is "more than enough" for the Federal Reserve to keep on its path of raising rates and eventually unwinding its balance sheet.

"I think this report checks off all the right boxes," said Porcelli, the firm's chief U.S. economist.

Kelly said the "rock solid" jobs report puts the Fed on the road to tighter policy.

Watch: Trump tweets 'excellent' jobs report

— The Associated Press contributed to this report.