Art Cashin: Jobs Report Increases Double-Dip Risk
Markets slipped on Friday after a US report showed fewer jobs were added to nonfarm payrolls than expected last month—and most of those jobs were temporary census workers. Art Cashin, director of floor operations at UBS Financial Services, shared his insights.
“It’s going to give some additional power to the double-dip risk," Cashin told CNBC.
"The two areas of potential vulnerability for the economy remain payroll and housing and they’re both staggering a good deal,” he added.
"From a market standpoint, I think we're going to switch over and start issuing Dow 10,000 helmets!"
Futures started off lower as a carryover from Europe amid rumors that Societe Generale may be having trouble with its derivatives operations, and news that Hungary is very close to defaulting on its debt.
“Everything’s worth worrying about because of the contagion factor,” said Cashin. “Eastern Europe was flying under the radar and Hungary may make that [default] sound correct now.”
Track His Comments:
- Cashin's Previous Appearance on CNBC (Jun. 3, 2010)
______________________________
Other Market Views:
______________________________
CNBC Data Pages:
______________________________
CNBC Slideshows:
______________________________
______________________________
CNBC's Companies in the News:
BP
BP Aims to Stop 90% of Oil Spill Flow with Cap
Morgan Stanley
Morgan Stanley Asia Chair Roach to Return to New York
Apple
New Apple iPhone on Tap but May Fail to Dazzle
Wal-Mart Stores
Wal-Mart To Be Scrutinized by Shareholders
Boeing
Boeing Says Aims to Boost International Defense Sales
______________________________
Disclosures:
No immediate information was available for Cashin or his firm.
______________________________
