Despite Positives, We’re Still in the Woods: Economists

Stephen Gallagher, chief U.S. economist at Societe Generale, and Michael Cuggino, president and portfolio manager of Permanent Portfolio Funds, both agreed that although there are some signs of growth, the economy has a ways to go before a recovery.

“We are coming out of it but it doesn’t mean that all our danger points are done,” Gallagher told CNBC.

“The fear is subsiding..We do have some stability and we’re getting back to some normalcy and I think we see a lot of that in the [economic] data.”

Gallagher said although the economic numbers are still down compared to last year, there has been growth since January and that losses should subside soon.

(Watch the video for more bullish ideas from these analysts.)

“The world has traditionally taken their cue from the U.S. in terms of growth, and we are seeing some indications that world wide growth is beginning to start again,” said Cuggino. “We’ve seen some of the reflation in commodity prices going forward and demand picking up a little bit.”


No immediate information was available for Cuggino or Gallagher.


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