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Economy in a Non-Recession Recession

March 13, 2023 | 01m 18s

This is your market minute while others are trying to figure out if the U S economy is in a recession or not. Apollo Global Management, co-founder and chief executive officer, Mark Rowan thinks that we're in a non-recession recession. Rowan says the unprecedented $8 trillion economic stimulus has resulted in a historically tight labor market even as the economy slows and asset valuations are falling, all of which should be positively correlated.

I think we're in a no-landing or as I've been jokingly saying, I think we're having a non-recession, recession. And what I mean by that is you think about what happened in the US, we printed $8 trillion. Are we surprised by what happened? We should be, everything went up into the right last year, we started to withdraw some of that stimulus, and low and behold things went down but everyone who wants a job has a job. Unemployment is at record lows. The last cycle was about even lower ends of the employment spectrum, the restaurant and hospitality. And so when I say no recession, recession, those who are in asset markets are in financial markets, it feels like a recession because everything is down. But for the vast majority of certainly Americans, but also around the world, people have jobs and they're spending.