Larry Fink, chief executive officer of BlackRock Inc., said the U.S. economy is growing more slowly than expected and he predicted that Americans “still dark clouds we have to face.”
Fink said it will be difficult for the United States to reach the 3 percent annual growth target set by President Donald Trump, sounding a cautious note on the economy even as stock markets clock record highs because, “we aren’t seeing that rise in personal income we would have thought.”
“There’s still some dark clouds in the United States,” Fink said, striking a note similar to the complaint from Jamie Dimon, the JPMorgan Chase & Co Chief Executive who lashed out on Friday against political gridlock in Washington that is stalling growth.
Dimon, who is a member of President Donald Trump’s business council, said Capitol Hill lawmakers need to “get their act together” and bluntly stated that it is “almost an embarrassment being an American citizen traveling around the world.”
Fink said on a conference call with analysts that uncertainty over the restructuring of U.S. tax policy and other variables are cause for concern.
While optimistic traders have pushed the financials index values up, putting the S&P over 2,460 and the Dow Jones Industrial Average above 21,650, bull market high,
According to the latest U.S. Bureau of Labor Statistics report in June, the unemployment rate, at 4.4 percent, and the number of unemployed persons, at 7.0 million, were little changed. The number of long-term unemployed (those jobless for 27 weeks or more) was also unchanged at 1.7 million in June and accounted for 24.3 percent of the unemployed.
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