- Analytics
- News and Tools
- Market News
- Only geopolitics can sink the US into recession - Blackstone’s
Only geopolitics can sink the US into recession - Blackstone’s
The U.S. economy is actually looking “quite robust” thanks to a healthy labor market and higher consumer spending, Steve Schwarzman, the co-founder, chairman and CEO of Blackstone Group, told CNBC.
A slew of disappointing economic data last week suggested the ongoing U.S.-China trade war was starting to take its toll, fueling concerns of a possible recession. On Tuesday, a gauge of U.S. manufacturing showed the lowest reading in more than 10 years for September.
But Schwarzman noted that manufacturing accounts for about 11% of the U.S. economy. “The U.S. consumer is around 70%, maybe even a little more, of the U.S. economy …. (and) the 70% is doing quite well,” he told.
“Why is that? Because we have full employment in the U.S. — 3.5% unemployment it’s the lowest since 1969 — that’s pretty amazing. This shortage of labor is starting to create higher wages for workers …. (and) what people are doing with that money is they’re spending it. So, we have 70% of the economy that is quite robust. The only thing, I think, that’s going to disturb that is some kind of geopolitical problem,” Schwarzman said.
“I don’t see a normal business cycle taking the U.S. into a recession,” he added.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
