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First Trust Advisors chief economist Brian Wesbury gives his outlook for the economy.
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Were off five days a week.
That's better than expected retail sales number yesterday tells me more money printing is not exactly around the corner.
It tells me that the economy is may be stabilizing no Longo weakening and falling.
Let's get the professionals approach to this from Chicago Brian -- chief economist with us trust advises.
You think I got it right Brian.
That the economy because those retail sales numbers and some other indicators that we've had recently when no longer going down.
I think -- just bumping along a bottom I think will look a lot like Europe what -- Sure you know if you kind of go back 2010.
20112012.
This year.
We've had a slow patch each and every year and then.
We come back out of -- some people think these are seasonal adjustment issues or just something to do with timing who who knows but.
But we've gone into these slow patches and then and and people of got very worried and they started talking about QE3 and other stimulus measures.
And then the economy rebounds and that appears to be happening again you know we had.
Those retail sales numbers as you said Stewart that up zero point 8% in July.
Just took everybody by surprise today's industrial production it's not a robust reader on good as well what we're not what it would is not robust.
And would not showing well I would I think -- one quarter a 4% growth.
Since we came out of the recession three years ago only one Korda -- and even and even now if we've stopped falling.
We're gonna get -- go to maybe a 2% rate of growth for the rest of this year that -- is that it's not good.
-- what we call it that -- the plow.
-- economies Stewart week it it -- get a win the Belmont under the Kentucky Derby but it ain't gonna keel over and die either it's.
And and you know what I I think about this.
Is that it's amazing.
That our economy is growing our government today is bigger.
That it has ever been were re distributing more money.
That we have ever read distributed all of that is a -- in.
On our economy it's like it's like forcing the plow horse to dragged through -- field with lots of clay and stumps and the rocks.
And and yet the plow horse is so strong are entrepreneurs are so strong that clout the fracking.
The the Smartphone in the tablet this stuff is raising productivity and allowing us to grow.
Anyway and and and the -- worse about 2% growth 8% unemployment.
And that's what science has been for the past forty years Rhonda that that's where we -- that's very interesting stuff come back and tell us small because.
I'm interested in the plough lost analogy okay good stuff.
Thanks Brian -- -- against absolutely.
