US Treasury Secretary Janet Yellen has classified the country’s economic growth as slowing but not currently in recession based on evidence of strong hiring and consumer spending.
Speaking on NBC’s “Meet the Press” on Sunday, Yellen said monthly average job gains in the US have been about 375,000 for the past three months, showing the economy is in a transitional period of slow growth.
She also reiterated that inflation is way too high and that the Fed’s recent rate hikes have helped keep rising prices in check, adding that she hopes for a solution that will keep the job market strong and lower inflation would.
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