Stocks traded lower on Friday after disappointing economic reports. Should investors brace themselves for further bad news or should they stay optimistic?
David Kelly, chief market strategist at JPMorgan Funds shared his market insights.
“We’re out of the intensive care unit, but it’s going to be a long convalescence and we’ve known that,” Kelly told CNBC.
“It’s going to take us about five years to get back to full employment, even when employment peaks.”
More Market Intelligence:
Kelly said the economy grew strongly in the third quarter. He expects a 3 or 4 percent GDP growth which will be repeated in the fourth quarter.
“It will take about 6 months of that to turn the unemployment rate,” he said. “So by early next year, we may begin to see a peak in the unemployment rate beginning to come down, but it’s not going to feel good for a long time.”
CNBC Data Pages:
No immediate information was available for Kelly or his firm.
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