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Art Cashin: I'm Hesitant on Markets Right Now

The pace of U.S. job losses hit a one-year low last month but the unemployment rate jumped to a 26-year high of 9.7 percent, the government said Friday in a report showing a slowly improving labor market. So how does this effect the markets?

Art Cashin, director of floor operations at UBS Financial Services, offered CNBC his stock-market insights.

"Now that the recession is leveling off, the sense of urgency is dissipating with the government," said Cashin.

"As for next week, I think we'll begin how to see resolution of how this leveling off process will work. I'm hesitant on the market right now. I've taken some money off the table," Cashin said.

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"The [market] will shrug this off [job numbers] and look for what the weekend brings," Cashin also said. "We have to dig down and see how the numbers on companies starting and companies going away, to really know how the job numbers play out."

As for next week, Cashin said he expected a mild upward bias for the markets.

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Disclosure:

No immediate information was available for Cashin or his firm.

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