There's no reason for the US to fall into recession unless the Fed messes up, Mohamed El-Erian says

• Mohamed El-Erian said the US economy can avoid a recession unless the Fed makes another policy error. 
• The top economist noted recent jobs data shows solid payrolls growth and higher labor-force participation.
• Some analysts fear the Fed could "overtighten" and end up undermining US economic growth.
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Mohamed El-Erian says there's no reason for the US to tip into recession unless the Federal Reserve miscalculates what it needs to do again.

The top economist, a longtime critic of the Fed, sees hope for the US economy in data out last week. Official figures showed the labor market still moving at a brisk pace in March, even as it slowed down somewhat.