Citing positive employment data, the head of state added that he hopes there will be a smooth landing, that the US will “move from rapid growth to stable growth.”
US President Joe Biden assured on Monday that his country is not in a recession, although growth figures to be released later this week may show that the US economy shrank for a second straight quarter.
“I don’t think we know a recession,” Mr. Biden told reporters.
Citing positive employment data, the head of state added that he hopes there will be a smooth landing, that the US will “move from rapid growth to stable growth.”
Treasury Secretary Janet Yellen also sounded optimistic that the US will be able to avoid a recession in the coming months due to the good health of the labor market and consumption.
A slowdown in the US economy seems inevitable, but the recession is “simply not compatible with the type of labor market we’re seeing,” he said on July 19.
The data on the course of the American GDP in the second quarter will be released the day after tomorrow, Thursday, July 28.
The definition of a recession is two consecutive quarters of GDP contraction.
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