RESEARCH TRIANGLE PARK — By all accounts, the U.S. economy is going strong. Unemployment is at a record low; there’s low inflation, and it’s been 11 years since the Great Recession of 2008 – the longest recovery streak in history.
However, according to Kelly King, president and CEO of Truist, there’s one thing that could threaten it all: ourselves.
“Most people say their business is pretty good. They do complain about a lack of skilled labor. But they express worry about the uncertainty around – well, this recession recovery is getting long in the tooth. Isn’t it time for a recession?” he told a 1,5000 strong gathered the 18th Annual Economic Forecast Forum on Tuesday.
“Now we’re beginning to hear people say, ‘we’re preparing for the recession. Well, you know what that leads to. It leads to a recession.'”
His advice: Take economists’ predictions “with a grain of salt” but pay attention to the fundamentals of the economy.
“This is a pretty good time. You have low unemployment, low inflation, low interest rate. I believe that will continue for the next couple of years at least – and frankly could continue longer.
“Independent of ourselves talking ourselves into a recession, it is unlikely that we are going to have a recession in the next couple of years because the fundamentals of the economy are very, very good.”
Truist was formed as a result of the recent merger between BB&T and SunTrust. Its headquarters is in Charlotte.