RECESSION DOWNPLAYED: Janet Yellen acknowledges economic 'slowdown' in US
acknowledged Sunday that the U.S. is experiencing an economic "slowdown" but downplayed the potential for a recession, arguing that the country is in a period of "transition" following rapid economic growth.
"The labor market is now extremely strong," she said. "This is not an economy that's in recession, but we're in a period of transition in which growth is slowing. And that's necessary and appropriate, and we need to be growing at a steady and sustainable pace. So there is a slowdown, and businesses can see that and that's appropriate, given that people now have jobs, and we have a strong labor market.
Treasury Secretary Janet Yellen testifies before the House Ways and Means Committee on Capitol Hill in Washington, on June 8, 2022. U.S. Treasury Secretary Janet Yellen listens to President Joe Biden during a hybrid meeting with corporate chief executives and members of his cabinet to discuss the looming federal debt limit in the South Court Auditorium in the Eisenhower Execu"I mean, if the technical definition is two quarters of contraction, you're saying that's not a recession," Todd said.
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