Connect with us

Hi, what are you looking for?


Leon Cooperman shares market outlook following monthly jobs report

S&P 500 is in the green this morning even though the Bureau of Labour Statistics reported a better-than-expected growth in nonfarm payrolls for December.

Notable figures in the monthly jobs report

Nonfarm payrolls went up by 223,000 last month – a slight decline from 256,000 in November but meaningfully more than 200,000 that economists had forecast.

Continued strength of the labour market suggests the Fed still has more to do in its ongoing fight against inflation. According to Leon Cooperman – the billionaire chairman of Omega Advisors:

Labour seems to have the upper hand. There’s 1.7 jobs available for everyone looking for a job. That’ll be difficult for profit margins. So, going into a new bull market anytime soon makes no sense to me.

Versus its record high, the benchmark index is currently down roughly 20%.

Cooperman sees downside risk to low 3,000s

Also on Friday, unemployment rate was reported to have declined to 3.5% – 20 basis points below expectations.

Average hourly earnings in December gained 0.3% versus the prior month and 4.6% on a year-over-year basis. Economist had called for 0.4% and 5.0%, respectively. Speaking with CNBC’s Scott Wapner, Cooperman added:

I have low expectations from the market. In 2023, I’d say 50% chance that we stay in the range of 3,600 to 4,400. 5.0% change only of going above the 4,400 level. And a 45% chance that we could go into the low 3,000s.

A day earlier, a Piper Sandler analyst also said the S&P 500 could sink another 16% from here as the Fed pursues its signalled terminal rate of 5.1% as Invezz reported here.

The post Leon Cooperman shares market outlook following monthly jobs report appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    Reprinted from the Future of Freedom Foundation President Biden’s campaign to banish (or maybe outlaw) political paranoia took a wallop last spring. In April,...


    Inflation appears to be on the decline. The Personal Consumption Expenditures Price Index (PCEPI), which is the Federal Reserve’s preferred measure of inflation, grew...

    Editor's Pick

    It’s already a cliché, but technology is rapidly improving. And for many businesses, it’s hard to catch up. However, it’s not just the average...

    Editor's Pick

    At Broadband World Forum 2022, Fibocom launched 5G module FG370 based on MediaTek T830 platform, aiming to empower the deployment of 5G FWA for...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2022 All Rights Reserved.