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Jobs Growth Better Than It Looks: Wealth Managers

Stocks remained lower after a report showed fewer jobs were added to nonfarm payrolls than expected last month. How should investors position themselves? Roy Williams, chief executive of Prestige Wealth Management, and Michael Sansoterra, co-manager of RidgeWorth Large Cap Growth Stock Fund, discussed their outlooks.

“We’re in a situation where we’re going to bounce around a little bit,” Williams told CNBC.

“And as earnings season happens next month, the market’s going to move forward again.”

Williams said the labor market situation is actually improving, despite today’s weaker-than-expected data.

“The problem with the unemployment data is that there are people who don’t want to go back to work, are at the age where they can semi-retire and they’re happy collecting their unemployment checks,” Williams said.

In the meantime, Sansoterra said he is encouraged by the fact that this is the fifth month of jobs growth.

“We’d like the growth to be higher, but positive growth off the bottom is still positive growth," he said. "You may see a little volatility but we still think the market trudges higher over time."

Scorecard — What They Said:

  • Williams' Previous Appearance on CNBC (Apr. 30, 2010)

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Friday's Dow Laggards (as of this writing):

American Express

General Electric*

Home Depot

Caterpillar

Pfizer

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Disclosures:

No immediate information was available for Sansoterra or Williams.

*GE is the parent company of CNBC and CNBC.com.

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Disclaimer

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