The former Fed chair cited rising labor-force participation, strong consumer spending, and slowing inflation as evidence of how well the economy is doing.
There is no sign of recession in the U.S., Treasury Secretary Janet Yellen said on Thursday, pointing to the rising labor-force participation rate, strength in consumer spending, and decelerating inflation as evidence of how well the economy is doing.
Yellen was reacting in part to the third-quarter gross domestic product data, released earlier Thursday, which showed the economy expanded at a blockbuster 4.9% annual rate from July through September. The largest contributor to headline growth during the period was a jump in consumer spending as U.S. households, fueled by rising wages and excess savings, spent big on both goods and services.
The comments by the Treasury secretary, Jerome Powell’s predecessor as chair of the Federal Reserve, come as economists continue to debate whether the U.S. economy will have to sputter and unemployment will have to rise in order for inflation to fall back to the Fed’s target of 2% annual price growth. While the economy’s resilience despite 11 interest- rate since March 2022 has come as welcome news, many economists continue to believe a downturn is coming, potentially as soon as early next year.
For now, at least, “you don’t really see any signs of recession here,” she said, adding that she continues to believe it will be possible to bring inflation down even as the labor market remains strong.
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