Yellen: Growth figures demonstrate the resilience of the US economy

During her visit to Ohio, US Treasury Secretary Janet Yellen made assessments of the economic calendar.

Stating that the US economy is facing high inflation and significant global headwinds, Yellen said Americans are concerned that rising prices will hurt their living standards, making the priority The Biden administration’s most important economic goal is to reduce inflation.

“But even in the face of these challenges, our economy remains resilient, underpinned by President Biden’s economic plan. This resilience is evidenced in the GDP report, which showed solid growth in our economy in the third quarter. Despite global challenges, we are seeing ample signs of economic strength in the United States.” he said he.

DO NOT EXPECT RESSION

Stating that she does not expect a recession, Yellen noted that the US government has the financial capacity to respond to economic weakness. Yellen stated that they want to see growth slow down and that this is part of keeping inflation in check.

Yellen reiterated that there is a way to reduce inflation while maintaining the strength of the labor market and said the data is consistent with what they want to see. Yellen said that he hopes the economy will slow further and that the government will have the fiscal space to respond if necessary, but that this should not work against monetary policy.

GROWTH PERFORMANCE EXCEEDED EXPECTATIONS

According to preliminary data from the US Department of Commerce, GDP increased 2.6 percent in the third quarter of this year. The US economy, which has recovered more than expected, was expected to grow 2.4 percent in this period. After contracting 1.6 percent in the first quarter of the year, the country’s economy contracted 0.6 percent in the second quarter, technically entering a recession. (AA)