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Rejecting reported apprehensions about the possibility of United States heading into a recession, President Joe Biden recently said he does not expect his country to suffer an economic downturn, though gross domestic product (GDP) figures due later this week may reflect the economy shrinking for a second consecutive quarter. “We’re not gonna be in a recession,” he said.
Biden pointed to low unemployment and continued investment in the US economy ahead of a key two-day Federal Reserve (Fed) meeting that concludes on July 27.
“The unemployment rate is still one of the lowest we’ve had in history. It is in the 3.6 area. We still find ourselves with people investing. My hope is we go from this rapid growth to a steady growth, and we’ll see some coming down, but I don’t think we’re going to, God willing, that we’ll see a recession,” Biden was quoted as saying by global newswires.
Rejecting reported apprehensions about the possibility of United States heading into a recession, President Joe Biden recently said he does not expect his country to suffer an economic downturn, though GDP figures due later this week may reflect the economy shrinking for a second consecutive quarter. “We’re not gonna be in a recession,” he said.
The Fed is likely to raise interest rates by another three-quarters of a percentage point to slow demand. It is ‘essential’ to lower inflation, said Fed Chair Jerome Powell, adding that the goal is to achieve that without derailing the US economy.
Fibre2Fashion News Desk (DS)
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