U.S. jobs data is more confusing than ever, with losses and revisions pointing to gains—and more losses. What does it mean for investors? Art Cashin, director of floor operations for UBS Financial Services, offered his insights to CNBC.
What does it mean for investors? Art Cashin, director of floor operations for UBS Financial Services, offered his insights to CNBC.
The jobs figures are "a little muddled" due to the December holidays, Cashin cautioned, and can't necessarily be trusted.
"But I'm looking at two other numbers that kind of surprised me: commercial paper issuance dropped dramatically in the recent week and M3* seems to be contracting."
"We're going to watch to see if that's a sign that the economy is starting to pull back a little here."
Cashin said that small businesses, once the largest employers in America, are still being injured by multiple problems in the banking sector:
"The big banks are awash in cash, but claiming that no one wants to borrow. The smaller regional banks are not quite in the same shape—and that's hurting small businesses."
Encima Global's David Malpass discusses commercial paper with Cashin. Watch the interview for his analysis.
*M3: money supply, including currency, checking deposits, savings deposits, time deposits, institutional money-market funds, money market deposit accounts for individuals.
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Disclosure information was not available for Cashin or his company.