US needs about 150,000 jobs/month to maintain pace: EM Cap

Greek Prime Minister George Papandreou won a parliamentary confidence vote on Saturday. Papandreou's socialist government won with all his party lawmakers in the 300 member parliament supporting the government, but his term as Prime Minister would come to an end now. Meanwhile, the G20 summit ended with little progress on EU crisis.

Seth R Freeman, chief executive officer of EM Capital Management shared his views on the news coming in from Greece and G20 summit, and the possible implications on the markets.
Shifting his focus to the employment data, he indicated that the numbers in US did not reflect people who had stopped working and was at about 85,000, while it was expected at 90,000. "We need about 150 thousand jobs per month to stay where we are now," he further added. Here is the edited transcript of his interview to CNBC-TV18. Also watch the accompanying video. Q: What are your first reactions with regards to the headlines coming out from Greece now?
A: It is still early for much reaction here. The EU members might convince representatives of Greece that if they are serious about not funding Greece anymore money, then they would run out of money without going forward on the deal. Q: Monday will be an important trading session for the European as well as the US markets. They will deal with the fact that the Prime Minister has won a parliamentary confidence vote on Saturday, but it will no longer stay as the Prime Minister of Greece going forward. How will the markets negotiate this particular news in specific?
A: That could cause serious problem because suddenly there will be a new personalities involved in negotiating details and worrying about their own political positions. Q: What did the markets make of the employment data that came out from the US markets?
A: The unemployment data was disappointing. It was about 85,000 and the expectation was 90,000. The numbers in US did not reflect people who had stopped working. It showed people who are actively living. We need about 150 thousand jobs per month to stay where we are now. All of that was overshadowed by the Groupon IPO today. Q: Much didn't come out of the G20 summit. Were the markets expecting more? Could we see a disappointment on the downside with regards to a reaction from there as well?
A: The main topic of discussion was Greece and funding the IMF. There were a lot of photo opportunities as oppose to reaching any new policies or agreements.