Top strategist Liz Ann Sonders of Charles Schwab says she continues to think the U.S. will avoid a recession, thanks in part to a continuing “manufacturing renaissance”.

“Part of the reason [she thinks the U.S. will avoid recession] is not rosy: as the saying goes, if the plane never got off the runway, a crash is much less likely,” Sonders explains in commentary on Schwab’s site. “It’s the ‘blessing’ and the curse of a muddle-through economy. I wouldn’t bet the farm on a recession being avoided and I have as cloudy as crystal ball as anyone, but that remains my view.”

Sonders says disappointment about the May jobs report overshadowed some good economic signs, including a solid manufacturing sector report that showed new orders increased and inflation pressures dropped dramatically. And she says that many leading indicators of job growth remain healthy.

Sonders also talks about the “manufacturing renaissance” she sees in the U.S., and why she thinks jobs may be coming back to the U.S. from countries like China.