New U.S. jobless claims last week rose, but at a slowest pace since the start of the coronavirus pandemic. Four market experts share whether they believe the worst is over.
Glenn Hutchins, chairman of North Island, said the numbers could be far worse than the headline data suggests.
"Right now there is almost an equal amount ... of other kinds of distress in the labor market. 6.4 million people have dropped out of the labor force in April, they're not actually looking for work anymore. They're not counted in the unemployment numbers -- that's about another 4% in labor force. There are also two parts of the part-time work community that are very large.
Anastasia Amoroso, head of cross-asset thematic strategy at J.P. Morgan Private Bank, sees opportunity in some of the laggards. "We're definitely seeing a rotation -- I don't know if it's a great rotation that is really truly sustainable, let's say, for the next 12 months but I think it is definitely time to have more balance in the portfolios. If you look at what investors have mostly done, they have moved into tech, they have moved into health care which has been the right thing to do.
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