US Treasury secretary denies recession
Janet Yellen has tried to head off an economic report that may confirm that the American economy is contracting
US Treasury Secretary Janet Yellen has denied that the American economy is in recession, even though a report this week may confirm it by the most common definition, saying the nation is instead going through a “necessary and appropriate” slowdown.
“This is not an economy that’s in recession, but we’re in a period of transition in which growth is slowing, and that’s necessary and appropriate,” Yellen said. “We need to be growing at a steady and sustainable pace, so there is a slowdown, and businesses can see that. And that’s appropriate, given that people now have jobs and we have a strong labor market.