Asset managers sound warning note on US stocks
Aberdeen Asset Management and Janus Capital express caution over the outlook for the US market, with the high level of unemployment a major area of concern.
US consumer-related stocks have fallen significantly in the past month, and employment levels must rise for consumption growth to pick up, argue fund managers.
Although unemployment figures fell slightly in June, the US economy cannot sustain its current momentum without a strong rebound in employment, says Aberdeen Asset Management in a report released last week.
Moreover, Aberdeen points out that the unemployment figures do not include those classified as “discouraged workers” by …
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