The United States “will not experience a recession”, says Joe Biden

US President Joe Biden said on Monday 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 consecutive quarter.

The United States “will not experience a recession”, says Joe Biden

US President Joe Biden said on Monday 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 consecutive quarter.

"I think we won't have a recession," he told reporters.

Citing the good employment figures, the president said he hoped for a soft landing, where the country “would go from this rapid growth to stable growth”.

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 that 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.

More details to come...

Yorum yapabilmek için üye girişi yapmanız gerekmektedir.

Üye değilseniz hemen üye olun veya giriş yapın.

NEXT NEWS