Economist Larry Kudlow reacted Friday on “The Steve Malzberg Show” to the Obama administrations’s poor numbers for the month of May’s jobs report, saying he believes the country is entering “a mild business recession.”
“It’s been five months now and the only reason the unemployment rate fell a bit is because 458,000 people left the labor force,” Kudlow explained.
“It’s not a pretty picture” he added. “I think we are in a mild business recession. “It’s not a whole economy recession, because consumers are still spending some and housing is OK, but I gotta tell ya — business recessions are always the leading indicator.”
(h/t Real Clear Politics)
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