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US 'Not in a Recession': Barclays' Kantor

The U.S. economy is on track to pick up in the second half of the year by about 2 percent, which is not great but is "not a double dip, it’s not a recession," Barclays Capital Managing Director Larry Kantor told CNBC Thursday.

It's "not a good situation, but it’s not a disaster either," he added.

Unlike others, notably investor George Soros, Kantor said Barclays' recent survey of the economy is in sync with recent growth projections by the Federal Reserve of improvement in the second half of the year.

Barclays bases its view on falling oil and gas prices, which means people have more money left over after filling their gas tanks. U.S. manufacturers, particularly of Japanese cars, are also recovering as the flow of parts from Japan—stopped by the earthquake and tsunami—resumes.

In addition, the "investment tax credit will expire at the end of the year and that will push some investment forward into the fourth quarter. You might get something better than 2 percent, maybe 2.5 percent."

As for Europe, "We do believe, having lived through 2008 so recently, policymakers will come to the rescue," he said, "but probably things get worse before they get better in Europe to get policymakers to that point."