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Jobs report, growth & Inflation

Lakshman Achuthan, managing director at Economic Cycle Research Institute in New York, comments on his outlook for U.S. economic growth and inflationary pressures. He spoke in an interview before the U.S. Labor Department released its June employment data today.

On the economic environment:

The recent economic data indicate "there is no recessionary kind of risk out there."

The services sector "has offset all the other weakness. That is why we never went into any kind of hard landing."

"We're talking about a stronger, healthier, firmer economy," and we see "still no big problem with inflation."

On the future inflation gauge:

"Looking at inflation, those indicators are actually coming off still."

"The clear direction" of the future inflation gauge "is that there is no runaway, upturn trend. That is the key message for policy makers."