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'V-Shaped' Recovery in Place: Portfolio Manager
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After last week's better-than-expected U.S. July jobs figures, the "V-shaped" recovery is in place, Michael Browne, portfolio manager from Sofaer Global Research said Monday.
For the U.S., the most recent jobs report marked the first month where the data was substantially better than forecasts, but in the U.K., the unemployment data has improved every month since February, Browne told CNBC.
The U.S. government's stimulus package is likely to enhance the economy's expansion by the end of 2010, he added.
A very large "restocking phase" that will take place from now until next Easter has also contributed to the optimistic economic outlook, according to Browne.
"We're going to see a period of rehiring. We're going to see a period of restocking because demand hasn't collapsed by 20-30-40 percent, but production has," he said.
European and long-haul traffic through BAA airports picked up in July, the airport operator reported Monday.
"What we do see in recoveries is we see air travel start to pick up again," Browne said.
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