Art Cashin: Employment Weighing On Markets
With some troubling economic numbers out Thursday, what do traders expect today?
Art Cashin, UBS Financial Services director of floor operations, offered CNBC his stock-market insights on Thursday.
'I do think the retail sales are important and I think today's first time initial [employment] claims show that the employment situation has not stabilized," Cashin explained. "And that's what's weighing on the consumer."
- Unemployment Worse Than Expected; PPI Up 0.3%
"When people see the guy down the block getting laid off, or several other people in their department getting laid off, people are cutting back," Cashin said. "Consumer's are 70 percent of the economy and that employment situation is going to continue to weigh on the markets."
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Disclosure information was not available for Cashin or his company.