Treasury Secretary Janet Yellen believes the positive factors contributing to the American economy possibly carry more weight than negative gross domestic product (GDP) growth for consecutive quarters.
As such, the Treasury Department cannot confirm the U.S. economy has already entered into a “recession” phase.
“That is not what we’re seeing right now when you look at the economy,” said Yellen this week, when asked if America has already transitioned into recession mode. “Job creation is continuing, household finances remain strong, consumers are spending and businesses are growing.”
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