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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)

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Disclosures:

No immediate information was available for Cashin or his firm.

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