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CEO of consulting powerhouse EY says a recession is not an imminent threat in the US

Key Points
  • "Sometimes when a recession is coming, you start hearing that projects are put on hold. We're not hearing that," says EY chief Carmine Di Sibio.
  • Despite a strong U.S. consumer, concern about the global economy has been causing volatility on Wall Street.
  • Di Sibio joins a number of top executives who recently told CNBC that they don't see a U.S. recession looming.
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EY CEO Carmine Di Sibio on the risk of a US recession

Carmine Di Sibio, who runs consulting powerhouse EY, said Thursday that he does not believe a recession is an imminent threat in the United States.

The EY chief joins a number of top executives who recently told CNBC that they don't see a recession looming.

"We had a lot of conversations with our clients' CFOs. Really, the United States economy is doing very well," contended Di Sibio, who took over as EY global chairman and CEO last month. He joined EY in 1985.

In a "Squawk Box" interview, Di Sibio said he would typically see a pause in innovation about six months before a recession. "Sometimes when a recession is coming, you start hearing that projects are put on hold. We're not hearing that. There's a lot of transformation going on."

EY has more 200,000 clients in 150 countries, including about 80% of the companies in the Fortune Global 500.

Despite a strong U.S. consumer, a global economic slowdown, the ongoing U.S.-China trade conflict and key recession signals in the bond market have been causing volatility on Wall Street.

Falling Treasury yields paused Thursday, with most of the yield curve moving higher. However, the yield inversion that generally comes before recessions persisted, as the 10-year Treasury yield remained lower than that of the 2-year.

"Obviously, geopolitical events are slowing some things down," acknowledged Di Sibio. "But there is a lot of confidence and there is a lot of capital."

On Tuesday, Honeywell International Chairman and CEO Darius Adamczyk warned investors to take a step back from the day-to-day market volatility and avoid talking themselves into a recession.

"I don't see this major recession coming," he added. "The environment is slightly worse than it was last year. But I would emphasize the word 'slightly,' and last year was a very strong economic year."

Adamczyk's remarks followed similar sentiments from Starbucks CEO Kevin Johnson, who told CNBC's Jim Cramer on Monday that he's not currently planning for a recession.

"We have not seen signs in the U.S. of anything related to a slowdown, but we do know these things go in cycles," Johnson said on "Mad Money." "But right now, we're firing on all cylinders and [the] consumer seems to be doing well."