Thomas Donohue, chief executive officer of the U.S. Chamber of Commerce, told CNBC’s “Squawk Box” that a recession is unlikely this year.
He said consumer spending is up, the housing market appears to have bottomed out and exports are growing.
“I think we’re going to (have economic growth) between 2% and 2.5%,” Donohue said Wednesday. “I don’t think we’ll hit a recession. I think the Fed will be helpful.”
Donohue said most homeowners still have “lots of equity in their homes” and call sell at a profit. He sees pain for some in the housing market, especially the sub-prime sector, but no panic.