Yellen: Signs Point Away From Recession

Treasury secretary expresses confidence about economy
By Bob Cronin,  Newser Staff
Posted Sep 11, 2023 4:49 PM CDT
Yellen Says She Feels 'Very Good' About Economy
Treasury Secretary Janet Yellen delivers remarks last month in Las Vegas.   (Daniel Pearson/Las Vegas Review-Journal via AP)

Polls show Americans are feeling a bit better about the US economy lately, per the Wall Street Journal, and that includes Treasury Secretary Janet Yellen. Asked if the nation will be able to head off a recession while keeping inflation under control, she told Bloomberg, "I think you'd have to say we're on a path that looks exactly like that." The inflation rate has been dropping for 13 months except for a bump in July, when it rose 3.2%. "Every measure of inflation is on the road down," Yellen said. The Federal Reserve Board will decide whether to raise interest rates later this month to try to knock inflation down to the 2% target.

She also considered labor market trends in the interview, per the Hill: The unemployment rate rose to 3.8% in August, while labor force participation rate increased 0.2%. The secretary made the comments while returning from the Group of 20 summit in New Delhi, which she attended with President Biden. Economic "growth has slowed," Yellen said, "but our labor market continues to be quite strong—I don't expect a recession," a prediction she said she's "feeling very good" about. (Read more Janet Yellen stories.)

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