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November 22, 2011 at 07:30 AM
In the wake of failed congressional “supercommittee” negotiations, Pacific Investment Management Co.’s CEO Mohamed El-Erian (below) appears to be upping his rhetoric, telling Bloomberg Television on Tuesday that U.S. economic conditions are “terrifying” given that the nation is coming out of recession.
The odds of the U.S. returning to recession are one-third to half, El-Erian told Bloomberg’s Betty Liu.
As Bloomberg notes, the economy in the U.S. expanded less than previously estimated in the third quarter, reflecting a drop in inventories that points to a pickup in growth as 2011 comes to a close.
