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Scudder Investments vice chairman Bob Froehlich says we are finally beginning to see signs of the recovery making its way into the economic releases. Money 2002.
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Froehlich, Tuesday’s Squawk Box guest host on CNBC, says the economy has already hit bottom and the recession is over. “I think it will be the fact that each quarter this year will be better than the quarter that follows it, and by the fourth quarter, this recession will be a distant memory,” he says.
Froehlich is following a few sectors right now. The defense industry will do extremely well, he says, because of addition government spending. He also likes it because, with all the mergers and cost cutting, it is a very lean mean industry.
Another industry he believes will do well is the tech sector, as that industry rotates into the next generation of products.
The third sector he likes is retail. “I think the worst news is behind us on the employment front, and when people have jobs, they tend to go to the mall and shop,” he says.
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