Now is not the time to get overly pessimistic about the U.S. economy, said Mary Jane Matts, director of large cap value strategies at Fifth Third Asset Management.
“If you look at the rate of change in unemployment claims, you have some good news there,” Matts told CNBC. “Layoff announcements have started to decline and the rate of change in unemployment claims is moving in your favor and that tends to be a powerful signal for GDP.”
However, Matts said she is concerned about commercial real estate losses affecting banks.
“There’s a lot of stress in the system [and] banks have many cross-currents working against them,” she said. “The biggest factor right now is commercial real estate losses, which we are just starting to see the tip of the iceberg — that would be my biggest concern for the banks.”
In the meantime, Matts said she likes the following sectors:
No immediate information was available for Matts of her firm.
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