Wells Fargo CEO: Housing no longer leads the recovery

Auto industry and energy industry take new precedence

Wells Fargo (WFC) CEO John Stumpf said at the National Press Club in Washington, D.C. on Wednesday that he is “optimistic” on the economy and “bullish” about the future. Per MarketWatch:

The CEO of the giant mortgage lender said he no longer sees housing leading the recovery. Instead, the auto industry and energy industry are stepping up.

The CEO said the economy feels a bit stronger than some of the recent numbers have shown and pointed to the booming energy industry and auto industry. Car sales in August were almost the best since 2000, he said. The average age of the cars in America is about 11 years old, said Stumpf, indicating increasing future sales for the industry. 

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