Blankfein Says US Economic Data Show Path to Avoiding Recession
Bloomberg
Published Jun 30, 2023 01:55PM ET
Blankfein Says US Economic Data Show Path to Avoiding Recession
(Bloomberg) -- The latest batch of economic data has opened the door to the US economy possibly avoiding a recession, according to Lloyd Blankfein, the former chief executive officer of Goldman Sachs (NYSE:GS) Inc.
“After recent Goldilocks economic reports, maybe we don’t get either a hard landing or soft landing. Maybe we get NO landing,” Blankfein said on Twitter.
Blankfein also took issue with arguments that the US was heading for a hard landing on Wednesday, saying that the growth of the US economy combined with rising payrolls disputes high recessionary odds displayed by the bond market and other economists.
“Conditions are worrisome BUT: aren’t they consistent with what you’d expect heading for a soft landing?” Blankfein said in the Wednesday tweet.
Friday’s latest data showed US consumer spending has essentially stalled since a surge in January, which may help ease price pressures but could also set up the economy for a sharp slowdown. Federal Reserve Chair Jerome Powell’s favored inflation gauge also hit a 10-month low on Friday, a day after he suggested that two more rate hikes are likely necessary this year to bring down inflation.
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