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US Unemployment is Starting to Peak: Market Pro

The number of U.S. jobless claims unexpectedly fell last week to the lowest level in more than 14 months, pointing to a moderation in the pace of job losses. Investors are now looking to Friday’s November unemployment rate numbers. Bill Spiropoulos, chief executive of CoreState Capital Advisors, shared his outlook.

"It's going to be a slow recovery process with jobs," Spiropoulos told CNBC.

Spiropoulos said he sees market momentum continuing to the upside on the slowly improving figures in the labor market.

“Unemployment rates are starting to peak and we should see improvement whether it begins this month or next month,” he said.

“The market could correct at anytime, but the momentum right now is to the continued upside seasonal strength and hopefully the data will show that the number of unemployment is slowing dramatically.”

  • See Spiropoulos' Previous Appearance on CNBC (Nov. 25, 2009)

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Disclosures:

No immediate information was available for Spiropoulos or his firm.

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