Friday's U.S. employment data clearly shows that the American economy is improving, said David Spika, VP and investment strategist at WHG Funds.
The pace of job cuts slowed as payrolls fell less than expected on Friday. Approximately 247,000 jobs were cut in July, far less than expected and the least in any month since August 2008.
With fewer employees being laid off, the unemployment rate eased to 9.4 percent in July from 9.5 percent the prior month, the first time the jobless rate had fallen since April 2008, according to the Labor Department.
What about stocks?
“The trend is improving and that’s what we need to see,” Spika told CNBC.
“We eventually need to see job gain to drive economic growth, to drive earnings growth and continue the market rally. I also think it’s clear that the economy is in recovery. We’re out of the woods in terms of that 'Great Depression 2' scenario that everyone feared a few months ago.”
No immediate information was available for Spika or his firm.
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