Wharton's Siegel: strong US jobs data may hit stocks, lead to recession

The US economy's surprising resilience could be bad news for stocks, and might raise the risk of a recession this year, Jeremy Siegel has warned.517,000 jobs in January, government data released Friday showed, crushing the 185,000 consensus nonfarm payrolls estimate from economists surveyed by Bloomberg. At the same time, the US unemployment rate fell to 3.4%, its lowest level in more than 50 years.

Moreover, rate changes can take several months to ripple through the economy and fully set in. The Fed may be courting disaster if it keeps hiking, Siegel cautioned. "Continued increases will increase the risk of a recession in the second half of this year," he said."Hard to believe given this blowout jobs report that we had Friday, but that can turn around very, very quickly."

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