Veteran Wall Street investor Ed Yardeni challenged fears of a U.S. recession on Monday, opposing the prevailing market sentiment that unsettled global equities.“A weak July employment report does not make a recession,” wrote Ed Yardeni, president of Yardeni Research, in a morning note published ahead of the stronger-than-expected ISM Services PMI report. Yardeni argues that while the increases of 114,000 and 97,000 in July’s total and private-industry payrolls were weaker than expected, they still represented growth.“There’s no reason to think they will be followed up by decreases. In fact, we expect to see bigger increases in the August employment report early next month,” he explained.Yardeni reiterated his confidence in the economy, stating, “We don’t expect a hard landing of the economy.” He further emphasized that the latest productivity data aligns with his “Roaring 2020s” outlook. Last week, Yardeni raised his year-end S&P 500 target to 5,800 points, now implying a 12% surge from current levels. …Full story available on Benzinga.com
