Jul. 30, 2010 (United Press International) -- Some U.S. economists are concluding, for now, that the economic recovery is slow but perfectly normal considering its point of origin.
Harvard University economics Professor Kenneth Rogoff, a former International Monetary Fund chief economist, called the recovery "remarkably normal for a post-financial crisis recovery."
The recovery is slow, but "not necessarily a reason to panic," Rogoff said Friday in a New York Times report.
Bernard Baumohl, chief global economist at the Economic Outlook Group, said confidence would grow with "evidence that the European economies are able to withstand the debt crisis … banks are showing they have stronger capital and Chinese policymakers are successfully able to avoid any sharp downturn."
Even a lack of jobs is normal for a recovery, said Scott Davis, an equity analyst at Morgan Stanley. (NYSE:MS) "Investors and board(s) of directors don't want to see them (companies) hire people until business is 100 percent back," he said.
"A lot of people are looking at things with the glass half empty. And they're temporarily on the sidelines," said Toll Brothers (NYSE:TOL) Chief Executive Officer Douglas Yearley.
