Despite solid jobs and wage growth in the March payrolls report released earlier Friday, the current trend of slowing profit growth would result to fewer job gains in the coming months, according to Rick Rieder, chief investment officer of global fixed income at BlackRock.

"The rolling over of the growth rate of corporate profits in recent quarters should feed through to a worsening jobs picture by the back half of 2016," Rieder said in a statement.

He added Fed Chair Janet Yellen's remarks on Tuesday suggested the central bank will raise policy rates gradually despite further improvement in the labour market.

On Friday, the U.S. Labor Department said U.S. employers hired 215,000 workers, while average hourly earnings grew 0.3 percent last month. Economists polled by Reuters had forecast a 205,000 increase in hiring and a 0.2 percent gain in hourly wages.

"Hence, with today’s report, we continue to believe that this is a Fed that will move at most two times this year, with the potential for no movement at all in policy rates," Rieder said.

(Reporting by Richard Leong; Editing by David Gregorio)