Tuesday on Fox News Channel’s “America’s Newsroom,” White House Economic Adviser Larry Kudlow said he sees “glimmers of hope” and “growth” for the United States economy ahead after a brutal hit on the economy due to the coronavirus pandemic.
Kudlow pointed to “positive developments” for a “very strong” second half of 2020, predicting the third quarter “could be the fastest-growing quarter in U.S. history.”
“I think you’re in a turning zone phase. As we’ve said time and again, the second quarter is going to be a rough quarter,” Kudlow emphasized. “It’s a … pandemic contraction, a lot of hardship on the unemployment claims — a lot of heartbreak there. But these signs, and I think the market is rallying on these signs, Sandra, these signs are showing a lot more glimmers of hope and growth. And the signs seem to be mounting.”
He continued, “The consumer confidence number, just a point, the number was up a bit, which is good, but in six months, they have a six-month expectations component, and that’s where you see a big takeoff in consumer confidence. And I think folks see that the virus, first of all, is flattening on its way down, they see business opening, they themselves feel like going out and spending. These are all very positive developments that will show up in the data, perhaps in July or August. The third quarter could be the fastest-growing quarter in U.S. history. The whole second half is going to be very strong as we reopen the economy, and as Americans come back to recovery. This is a transition to recovery, and, as the president said, it’s a transition to greatness.”
Follow Trent Baker on Twitter @MagnifiTrent
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