President Biden expressed hope that the US economy is not expected to enter a recession ahead of a key report on gross domestic product (GDP) showing the US economy is shrinking.
“The unemployment rate is still at an all-time low. This is 3.6 [ശതമാനം] in the area. We still find ourselves with people who are invested,” Biden continued. “My expectation is that we’ll go from this rapid growth to steady growth, so we’ll see some trickle down. But I don’t think we’re going to, God willing, I don’t think we’re going to see a recession. “
The Bureau of Economic Analysis will release second quarter GDP data on Thursday. If it shows negative growth, it will mark the second straight quarter in which the economy has contracted. is an indicator often used by economists to mark a recession.
Several White House officials have spent the past week arguing that the idea that the economy is in a recession based on data coming out Thursday is incorrect. “Even though that number is negative, we’re not in a recession right now,” Treasury Secretary Janet Yellen said on NBC on Sunday. “I caution that we should not portray it as a recession,” she said.