The U.S. economy is being held back by the uncertainty of consumers, International Paper Chairman and CEO John Faraci told CNBC on Wednesday.
"It feels like 2 percent GDP growth," he estimated in a "Squawk Box" interview, adding the economy also appears to be uneven and choppy.
"One month [consumers] feel good. One month they feel anxious," Faraci said. "As long as the consumers feel that way, I think you're not going to see the kind of sustained consumer spending it's going to take to get this economy going, which is going to create the jobs."
But he said he believes Federal Reserve policymakers will "get it right" when it comes to their part in spurring growth and whether to taper the central bank's $85-billion-a-month bond-buying program. The Fed concludes its two-day December meeting Wednesday.
(Read more: Preview of a taper? Mortgage apps plunge)
As the head of the paper and packaging company, Faraci is in good position to evaluate the economy because IP does big business in corrugated cardboard boxes. Up to 95 percent of all goods are shipped in those brown containers.
Consumer spending—which accounts for about two thirds of the economy—appeared a "little bit better" in November and at the start of the holiday shopping season, he said.