This US Economic Recovery is “Far from over”
JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon does not see any reason the 9-year economic recovery will end any time soon.
“We’re probably in the 6th inning,” Mr. Dimon said Friday at an investor conference in New York. “It’s very possible you’re going to see stronger growth in the US.”
While some market observers have expressed concern that the economic recovery is getting stale after almost a decade, the head of the largest US bank said that is not the way to view it.
In previous cycles, the economy has seen 40% recoveries in less than the 9 years it has taken the US to grow 20% this time around, Mr. Dimon said.
“It’s just that it’s taking a little bit longer and mostly because of bad policy,” he said. Some of the policy mistakes on taxes and regulation are now being fixed, he said.
Mr. Dimon’s comments came after economic data Friday showed US hiring rose more than forecast in May, wages picked up and the unemployment rate matched the lowest in almost 50 years. That could indicate the strong labor market will keep powering economic growth.
“I have heard people say, well, it’s looking like 2007. Completely untrue,” he said. “There’s much less leverage in the system. The banks are much better capitalized. ”
That’s not to say that “badly thought-through” trade policy will not have its effects, he said.
Global trade tensions escalated this week after The Trump Administration pushed ahead with tariffs on steel and aluminum imports from some Key trading partners.
|NYSE:JPM||108.4||1 Jun 2018||1.39||108.34||108.94||107.8||13,581,300|
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Have a terrific weekend.