US President Joe Biden said Monday (July 25th) that his country would not experience a recession, although growth figures to be released later this week could show the economy has contracted for a second straight quarter.
“I think we won’t have a recessionhe told reporters, citing the good employment numbers. Citing good employment numbers, the president said he hoped for a soft landing, where the country “would go from this rapid growth to stable growth“.
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Treasury Secretary Janet Yellen also expressed optimism that the United States will manage to avoid a recession in the coming months due to the good health of the job market and consumption. An economic slowdown seems inevitable, but a recession “is simply not compatible with the type of labor market we see“, she said on July 19.
Second-quarter US gross domestic product (GDP) growth will be released on July 28. A recession is defined as two consecutive quarters of negative growth.
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