The U.S. economy is healing but not growing fast enough to achieve escape velocity and break free from the pull of a fresh slowdown, says Mohamed El-Erian, CEO of Pimco, manager of the world’s largest bond fund.
Despite gloomy headlines such as those pointing to dismal jobs reports, there are some winds of recovery blowing in U.S. sails.
Corporate earnings are healthy and wealthy households remain poised to spend and invest to boost the economy. Housing appears to bottoming out and despite May’s jobs report, which showed the economy added a scant 69,000 net jobs, jobs are still being created.
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