Economy Is Growing at the Right Pace: Strategist

Orders to U.S. factories rose slightly in Julyamid a surge in demand for commercial aircraft. This follows Wednesday’s ISM report, which showed that the sector grew more quickly than expected in August. So is manufacturing back?

Dan Greenhaus, chief economic strategist at Miller Tabak, and Chip Hanlon, president of Delta Global Advisors, discussed their insights.

“We can be slightly encouraged that it was a mildly positive number,” Hanlon told CNBC.

“But this is a tepid recovery—it’s certainly not a recovery that is robust as one might expect coming out of the depths of the financial crisis and the type of recession we’re coming out of.”

In the meantime, Greenhaus said the economy is growing at the right pace.

“This is not the 1983 Fed interest rate-induced recession,” he said. “This was an overleveraged consumer credit crisis/financial crisis and when you look globally at the types of recoveries that follow these recessions, we are effectively where you would be following the type of crisis we had.”

Scorecard—What They Said:

• Greenhaus' Previous Appearance on CNBC (Aug. 19, 2010)
• Hanlon's Previous Appearance on CNBC (Aug. 27, 2010)

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Thursday's Dow Laggards (As of Noon):

American Express

Kraft Foods

Travelers

Verizon

Coca-Cola

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Disclosures:

No immediate information was available for Greenhaus or Hanlon.

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Disclaimer