U.S. Treasury Secretary Janet Yellen said on Monday that the U.S. economy was “strong and resilient” and that a recession was still on a avoidable trajectory.
“We envision a trajectory in which inflation is significantly lower and the economy remains strong,” Yellen said in an interview with ABC Television.
U.S. consumer price index (CPI) growth slowed to 6.5% in December after peaking at 9.1% in June. “It’s still too high,” Yellen said, adding that lowering it was a top priority for President Biden.
Yellen pointed to strong jobs numbers as evidence of economic momentum, saying, “When you have half a million jobs and the unemployment rate is at its lowest level in almost 50 years, you don’t have a recession.”
U.S. Employment Increases to 517,000, Far Exceeding Expectations – Unemployment Rate Lowest in 53 Years (3)
news-rsf-original-reference paywall">Original title: Yellen Touts Employment Jump in Playing Down US Recession Danger (excerpt)