1 Percent Growth to Start 2013: Pro
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Calling a summertime bottom in the stock market, JPMorgan Chief Economist Bruce Kasman said Thursday that he expected growth to start slow and then pick up in the second half of 2013.
"It's lifting but it's constrained," he said of the U.S. economy, adding that it faced pressures from the so-called "fiscal cliff" and other factors such as the expiration of the payroll tax cut.
"I think we can absorb it, but it's not a story that's going to giving you strong growth at the beginning of the year."
Kasman said that the tax hike would reduce consumer spending in the beginning of the year for a growth rate of about 1 percent.
The latter part of 2013 could see growth of 3 percent, he added.
On "Fast Money," Kasman also said that growth in Asia would help the market, led by gathering momentum in China.
"I think China-Korea-Taiwan story, with a little help, technically, from a Japanese economy that was super weak at the end of the year, is going to get a little bounce off of it," he said. "That's what moves first.
"What moves second is Europe."
Trader disclosure: On Dec. 20, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long RIMM; Tim Seymour is long AAPL; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long call spreads in AAPL; Jon Najarian is long call spreads in GS; Jon Najarian is long call spreads in JPM; Jon Najarian is long call spreads in GLD; Jon Najarian is long call spreads in FB; Jon Najarian is long call spreads in GOOG; Jon Najarian is long call spreads in NKE; Jon Najarian is long call spreads in SINA; Karen Finerman is long AAPL PUTS; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long BAC CALLS; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is short SPY; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long F; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN.
