Martin Flood, manager of the Lazard US Equity Concentrated fund, on why he believes US consumers can continue to drive economic growth as middle class fortunes improve.
Most forecasters predict that US real GDP will grow by 2-2.5% in the third quarter - a rebound from three consecutive weak quarters, but not enough to stem concerns that the recovery has 'run out of steam'. Contrary to these concerns, we believe the US economy is well-positioned to continue its growth of recent years. This belief is based on our view that after suffering disproportionately from the global financial crisis, the US middle class is now enjoying the benefits of stronger job growth, increased income gains and a housing-driven wealth recovery. Trump gets unexpected boost as...
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