Yellen: US economy was transitioning to ‘steady, sustainable’ growth

Treasury Secretary Janet L. Yellen pointed out the robust labour market, high business and consumer spending and strong industrial output as signs of the economy’s health.

US President Biden and Treasury Secretary Janet L. Yellen on Thursday dismissed questions about whether the US economy was already in a recession, pointing to the strong labour market and other metrics as signs of its health.

Speaking at a news conference at the Treasury Department, Yellen said that she did not believe the US was in a recession, arguing that the labour market and household balance sheets remain strong despite slowing growth.