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Kelly: U.S. Is Bouncing Back

Auto sales, housing starts, labor market indicators, and the stabilization of capital goods orders point to growth for the rest of the year, says J.P. Morgan Asset Management chief global strategist David Kelly.

J.P. Morgan Asset Management chief global strategist David Kelly kicked off day two of the Morningstar Investment Conference by giving a relatively upbeat assessment of the U.S. economy and encouraging people to stay invested.

Kelly sees the 0.2% contraction in first-quarter GDP as being a measurement error and the result of bad weather, versus a sign that the economy is headed toward recession. He pointed to bright spots in auto sales, housing starts, labor market indicators, and stabilization of capital goods orders as signs of growth for the rest of the year.