Joe Biden rules out that the US enters an economic recession

Joe Biden rules out that the US enters an economic recession

Biden Treasury Secretary Janet Yellen said on Sunday that the US economy was “slowing” but said the data did not herald a recession.

“I’m not saying that we will definitively avoid a recession, but I think there is a way to maintain the strength of the labor market and lower inflation,” he said.

GDP growth in the United States in the second quarter will be known on Thursday and a slight increase is expected, after a negative first quarter (a contraction of 1.6% in annual projection, the preferred measure in the country, which projects growth to 12 months under the conditions at the time of the study).

If a contraction were to occur, the US would technically be in a recession, posting two quarters in negative territory.

But for Yellen, a recession “is a generalized contraction of the economy. And even if (the GDP for the second quarter shows figures) negative, we will not be in a recession today,” she insisted.

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