U.S. Treasury Secretary Janet Yellen said on Sunday, July 24, that economic growth is slowing, but a recession is not inevitable.
Strong hiring numbers and consumer spending showed the U.S. economy is not currently in a recession, Yellen said.
U.S. hiring remained robust in June, with 372,000 jobs created and the unemployment rate holding at 3.6%. June was the fourth straight month of job gains more than 350,000.
Yellen said the country’s inflation “is way too high” and recent Federal Reserve interest rate hikes were helping to bring soaring prices back in check. Read more.