A majority of economists expect a US recession in the next two years, but have pushed back the onset amid Federal Reserve actions, according to a survey released Monday.
The survey came out after President Donald Trump pushed back against talk of a looming recession as a raft of US data reports last week showed a mixed picture on the economy.
“I’m prepared for everything. I don’t think we’re having a recession. We’re doing tremendously well. Our consumers are rich,” Trump told reporters Sunday.
“I gave a tremendous tax cut, and they’re loaded up with money. They’re buying. I saw the Wal-Mart numbers, they were through the roof,” he said. “And most economists actually say that we’re not going to have a recession. But the rest of the world is not doing well like we’re doing.”
His chief economic advisor Larry Kudlow also downplayed talk of a recession.
“I sure don’t see a recession,” he told NBC’s Meet the Press. “Consumers are working at higher wages. They are spending at a rapid pace. They’re actually saving also while they’re spending... So I think actually the second half, the economy’s going to be very good in 2019,” he said.