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US Economy Looks Better Than Expected: Gartman

The surprise this year will be how much stronger the U.S. economy is compared to what most people might have expected, said Dennis Gartman, founder of the Gartman Letter.

“We are not going to see a decline in the unemployment rates in the U.S. for quite some time,” Gartman told CNBC.

“But despite the news, you see more people going into shops, you see the airplanes incredibly crowded and even the housing market seems to be doing a bit better.”

Gartman said he is encouraged to see that consumers are not going back to the era of expanding their debt load.

“We are seeing an economy coming out of the serious recession that we went through," he said. "We’re going to see 3 to 4 percent GDP growth and that’s not such a bad thing.”

In addition, Gartman said the era of the U.S. being the world’s economic motor is “quickly waning,” but investors should not be worried.

“China, India and the rest of Asia’s powers are gaining every day and [the economic power] of the U.S. is getting less important, and that is not such a bad thing. We’re seeing global economic growth not dependent upon U.S. economic growth and that is a good thing.”

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Scorecard—What He Said:

  • Gartman's Previous Appearance on CNBC (Dec. 29, 2010)

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More Market Views—Across the Board:

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CNBC Slideshows:

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CNBC Data Pages:

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CNBC's Companies in the News:

Bank of America

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Goldman Sachs

Apple

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AIG

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Barnes & Noble

  • Barnes & Noble Holiday Same-Store Sales Up 9.7 Percent

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Disclosures:

No immediate information was available for Gartman or his firm.

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