Seeing period of high optimism in US markets: Richard Ross

Nigel Gault, Chief US Economist at IHS Global Insight & Richard Ross of Auerback Grayson shared their view on all this unemployment data in an interview with CNBC-TV18’s Menaka Doshi.
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Feb 04, 2013, 09.56 AM | Source: CNBC-TV18

Seeing period of high optimism in US markets: Richard Ross

Nigel Gault, Chief US Economist at IHS Global Insight & Richard Ross of Auerback Grayson shared their view on all this unemployment data in an interview with CNBC-TV18’s Menaka Doshi.

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Seeing period of high optimism in US markets: Richard Ross

Nigel Gault, Chief US Economist at IHS Global Insight & Richard Ross of Auerback Grayson shared their view on all this unemployment data in an interview with CNBC-TV18’s Menaka Doshi.

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Richard Ross (more)

Exec VP, CMT |

I think the fundamental and the technical data is encouraging. However, keep in mind, we are very early in the year here. So, this is typically a period of high optimism.

- Richard Ross (Analyst )

The US economy added 157,000 new jobs in January, which was slightly above economists' expectations. The bigger highlight though was the revision of the December data from 155,000 additions to an addition of 196,000 jobs.

The only cloud for this silver lining is the unemployment rate, which increased to 7.9 percent. Economists were expecting the rate to remain stable at last month's 7.8 percent level.

The unemployment rate has become more significant now as the Federal Reserve's monetary policy is tied directly to it. The US Central Bank had said that it will not alter its zero interest rate policy or low interest rate policy until the jobless rate falls to 6.5 percent.

The Thomson Reuters University of Michigan's final reading on the Consumer Sentiment Index shows a rise to 73.8 percent, that is showing an unexpected improvement in US consumer sentiment as that has come in higher than the forecast level of 71.5 percent.

The ISM Manufacturing index also rose to 53.1 in January. That is better than what economists had expected. They had expected the reading of 50.8.

Nigel Gault, Chief US Economist at IHS Global Insight & Richard Ross, Global Technical Analyst of Auerbach Grayson shared their view on latest set of unemployment data in an interview with CNBC-TV18's Menaka Doshi.

Gault said, "157,000 jobs number is okay. If we keep adding jobs at this sort of pace that will gradually bring down the unemployment rate".

Ross added, "I think the fundamental and the technical data is encouraging. However, keep in mind, we are very early in the year here. So, this is typically a period of high optimism."

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