The booming private credit market has delayed a recession, but the US is still at risk of a sharp downturn, chief strategist says

• The $1.7 trillion private credit market has delayed a US recession, according to Tony Dwyer, Canaccord Genuity chief market strategist.
• But Dwyer believes a recession is still on the table amid an ongoing manufacturing downturn.
• "I think it's going to come from a weaker employment picture," he said.

An economic recession has been delayed, but not averted amid ongoing weakness in the manufacturing sector, according to Cannacord Genuity chief market strategist Tony Dwyer.