Yellen says economic system reveals no indicators of recession

Treasury Secretary Janet Yellen mentioned Sunday that rising client spending, industrial output, credit score high quality and different financial indicators don’t counsel the economic system is in a recession, though she acknowledged that “manner too excessive” inflation is straining the system.

“This isn’t an economic system that’s in recession,” Yellen informed moderator Chuck Todd on NBC’s “Meet the Press.” 

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Companies and customers are seeing the economic system sluggish after a speedy progress spurt final yr, which introduced the labor market again to life after the COVID-19 pandemic, the secretary mentioned. However this transitional slowdown is “mandatory and acceptable” given the speedy adjustments.

“You don’t see any of the indicators. Now, a recession is a broad-based contraction that impacts many sectors of the economic system. We simply don’t have that,” Yellen mentioned, however she acknowledged the impacts of uncommonly excessive inflation numbers

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She mentioned she expects federal authorities insurance policies aimed toward controlling inflation to achieve success, placing downward strain on report gasoline costs, rising meals prices and different financial downside areas for on a regular basis Individuals, with assist from the Biden administration. 

“We’ve minimize the deficit by a report one and a half trillion {dollars} this yr … We’ve seen gasoline costs simply in current weeks come down by about 50 cents and there ought to be extra within the pipeline. And hopefully we’ll go a invoice that can decrease prescription drug prices and preserve present ranges of well being care prices.”

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