White House economic adviser Larry Kudlow on Monday doubled down on his suggestion that the United States economy is still in a “V-shaped recovery” from the devastating impact of the coronavirus shutdown.
Kudlow maintained on Fox News Channel’s “America’s Newsroom” that despite surges of coronavirus cases in certain areas and some major businesses laying off employees, he does not “see an interruption” to the v-shaped recovery.
“I know you have some of these isolated cases of layoffs, and that’s most regrettable — there is still hard hardship out there,” Kudlow outlined. “The numbers are still too high regarding unemployment. That said, in terms of the v-shaped recovery, if you look at a variety of indicators, including high-frequency indicators, it looks like it’s a story that’s still in place.”
He continued, “So, whether it’s consumer confidence or retailing or housing, or new business applications — I mean, we are scouring everything imaginable. But I don’t see an interruption to the v-shaped recovery. If there is one, I’ll be honest and factful about it, but at the moment, with our fingers crossed and some prayers, I think we are on track for a very strong second half of the year — probably still 20% growth plus.”
Kudlow later added he thinks the U.S. economy is “in a self-sustaining recovery,” highlighting temporary layoffs and furloughs “are now giving way back to a trend of returning to work.”
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