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US Economy Has Already Landed, ADP's Richardson Says

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Bloomberg Jun 16, 2023 11:32 · 27k Views

"We're landed but we're not off the plane," ADP Chief Economist Nela Richardson says about the US economy during an interview with Lisa Abramowicz on "Bloomberg Surveillance."

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Transcript

  • 00:00 Love you to weigh in on that, this basic idea of a soft landing, which is essentially what Greg was talking about, this idea that you could see just a slow down, a sluggishness, not necessarily recession, an increase in unemployment, but definitely
  • 00:11 a little bit of softness.
  • 00:13 But
  • 00:13 with inflation coming lower, this is, this is what the Fed wants.
  • 00:17 I think that the sluggishness is my base case of the economy with inflation going down slowly.
  • 00:23 I mean, I there's been a lot of talk about the soft landing, hard landing.
  • 00:27 I feel like,
  • 00:28 and this is a little controversial, the economy has already landed.
  • 00:32 We're seeing inflation decelerate and we're seeing the job market hold up.
  • 00:36 But we're still on the tarmac.
  • 00:38 We haven't been led to the gate.
  • 00:40 We're just sitting on the plane waiting for exit because we're still waiting for that 2% target.
  • 00:44 So we're landed, but we're not off the plane.
  • 00:47 And that's how I see the US economy right now is we're just sitting here and anyone who's flown out of the New York area airport knows exactly what I'm talking about.
  • 00:55 You have no idea how you're how long you're going to be on that exactly.
  • 00:58 You might be on that tarmac for so long if they sent you back to the.