Markets opened higher on Wednesday as the jobs reports indicated an encouraging sign. What should investors expect going forward? Michael Darda, chief economist at MKM Partners, shared his insights.
“We did have some volatility in the data last week with a few disappointing reports,” Darda told CNBC.
“But importantly, the credit markets still look good to me. That’s always my fall-back point if you start to see confusing data.”
Darda also said that, as temporary hiring and hours worked are picking up, he expects employment figures to trend higher in the near-term.
“It may not be revealed in the February data with the two big storms in the reporting period, but all the leading indicators for employment growth have turned,” he said.
“Even with this recent backup in jobless claims, first-time claims are still down 25 percent year-over-year—that’s a huge move and it’s always in the past been associated with a recovery.”
- Watch Darda's Previous Appearance on CNBC (Feb. 22, 2010)
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No immediate information was available for Darda or his firm.