Biden Says It's No Surprise Economy Is Slowing as Fed Fights Inflation

Reuters2022-07-28

President Joe Biden said on Thursday it was no surprise that the U.S. economy was slowing as the Federal Reserve acts to bring down inflation, after data showed the economy contracted again in the second quarter.

But Biden stayed upbeat on the outlook for the economy, saying the job market was historically strong and consumer spending continued to grow.

"We are on the right path and we will come through this transition stronger and more secure," he said in a statement.

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Comments

  • robot1234
    2022-07-29
    robot1234
    The second-quarter GDP decline of 0.9% was the second straight negative quarter and brought the economy in line with a common definition of recession. “We weren’t in a recession for the first half of the year, but odds are rising we will be by the end of the year,” said Mark Zandi, chief economist at Moody’s Analytics. Federal Reserve Chairman Jerome Powell said Wednesday he doesn’t think the economy was in a true recession, and he even questioned the accuracy of the GDP data.“What we have right now doesn’t seem like” a recession, Powell said. “And the real reason is that the labor market is just sending such a signal of economic strength that it makes you really question the GDP data.”The question of recession has become a political one.Earlier this month, the White House raised some hack
  • EHG
    2022-07-29
    EHG
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    2022-07-29
    ASMH
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    2022-07-29
    a1g2r
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    2022-07-29
    a1g2r
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    2022-07-29
    Nick_Baey
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