In his latest market commentary (provided on Advisor Perspectives’ web site), Blackrock’s Bob Doll says the economy has hit a “soft patch”, but that he thinks the odds of a double-dip recession remain low. And, he points to some bright signs in the employment arena.

“Over the past several months, there have been disappointments in labor market reports, but the three-month moving average for private sector payroll growth is climbing at a more rapid pace than was the case during the prior two cyclical recoveries,” Doll writes, adding that “there has been a real and tangible rebound in private sector incomes”.

Doll says he’s expecting second-quarter earnings reports to be positive, though to a lesser degree than they were in the first quarter. While the U.S. and global economies are fragile, he says he expects equities to “grind higher” in the coming months — so long as his economic prognosis holds.