The U.S. consumer is in decent shape in the current low oil environment, according to Phil Blancato, president and CEO of Ladenburg Thalmann Asset Management.
Blancato told CNBC's "Closing Bell" on Thursday that the U.S. consumer is in better shape than most investors would think.
"Strip out gasoline from consumer spending, you look at the underbelly, the numbers are great. ... And yet there's this sentiment that things are terrible," he said.
"Remember as gasoline fell, the amount we spend on gasoline falls, so consumer retail spending numbers are artificially suppressed," Blancato explained.