'A recession is a broad-based contraction that affects many sectors of the economy. We just don't have that.'
This has contributed to a gulf between what official data reflects and the perception of everyday consumers — relatively flush with cash but ravaged by white-hot prices eating into spending power,Yellen told host Chuck Todd that while the "economy is slowing down" the labor market remains "extremely strong."
"Even just during the last three months, net job gains averaged 375,000. This is not an economy that's in recession. But we're in a period of transition in which growth is slowing," Yellen said. "A recession is a broad-based contraction that affects many sectors of the economy. We just don't have that."
"Consumer spending remains solid. It's continuing to grow. Output, industrial output, has grown in five of the six most recent months. Credit quality remains very strong. Household balance sheets are generally in good shape. But inflation is way too high."citing high inflation and slowing growth in other countries, as well as the potential for higher oil prices amid Russia's war in Ukraine.
"I'm not saying that we will definitely avoid a recession, but I think there is a path that keeps the labor market strong and brings inflation down," she said.On Thursday, the the Commerce Department will release its initial estimate of second-quarter growth. President Biden's economic advisors have said that a negative figure wouldn't indicate the U.S.
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