CNBC’s Jim Cramer said Thursday that he’s still searching for the first sign of a recession, even though it’s all anyone seems to be talking about.
“Maybe the recession’s coming; maybe the credit crunch is right upon us,” Cramer said. “But until then, I think it’s pretty invisible.”
Cramer said in many industries, there are actually signs of strength.
The giant Salesforce tower in San Francisco-owned by Boston Properties has multiple inquiries for leases to get into the building, Cramer said. The company also has “incredibly low” vacancies in several cities, he noted.
Meanwhile, timeshare company Marriott Vacations Worldwide has racked up 12% contract sales growth for the quarter and is predicting a “very solid” 2023, according to Cramer. Competing timeshare company Travel + Leisure has said it is not seeing a slowdown.
In retail, aside from Party City, there aren’t many bankruptcies and somehow “deeply troubled” Bed Bath & Beyond is still alive, Cramer noted.
“We’ve had red-hot economies in the past with more retail closures than we’re seeing right now,” Cramer said.
Unless you’ve been laid off by a tech company, or you work at Party City or Bed Bath & Beyond, “you’re probably doing pretty darn well right now,” Cramer said.