By JeeYeon Park (CNBC)

The producer price index dropped by more than what economists had expected and housing starts rose less than anticipated. So what does this mean for the American economy going forward? Steven Wieting, director of economics and market analyst at Citigroup, and Michael Pento, chief economist at Delta Global Advisors, shared their outlooks.

"The short and intermediate term look pretty good," Wieting told CNBC.

"Longer-term though, we’re not making room for fiscal consolidation. I think we’re going to have a high level of Treasury borrowing even when the economy recovers and private credit demand picks up."

Wieting said there is recovery in the manufacturing production but "it’s got a long way to go."

"Outside vehicles, we’re still underproducing relative to this low sales pace and production is picking up," he said. v "That’s going to put some upward pressure on commodities, but ultimately, it’s demand pace that’s going to matter. And the fact that profits are rising robustly is going to get us continued pick-up in the manufacturing."

In the meantime, Pento said the Federal Reserve has made interest rates artificially low and the government is looking at "blowing another bubble in home prices and, in fact, they want to blow a bubble in the whole economy."

"We’re going back to 2007 and we have learned nothing—absolutely nothing," he said.