WASHINGTON: President Joe Biden stated on Monday that he does not anticipate an economic slowdown in the United States, despite the possibility that the GDP data, which are due later this week, would show the economy contracting for a second straight quarter.
In my opinion, there won't be a recession, Biden told reporters.
The president added that a soft landing where "we go from this quick growth to stable growth" would be preferable, citing positive job statistics.
Many US officials have played down growing recession worries, stating that a slowdown in the world's largest economy is improbable given the extremely tight labor markets.
Following a 1.6 percent loss in the first three months of the year, recent data indicate that GDP may have fallen in the second quarter. Nevertheless, the majority projection among economists still calls for a modest increase.
The first contraction since the peak of the pandemic in 2020, the first quarter's decline was worse than anticipated.
The Federal Reserve is expected to take its next action against inflation on Wednesday, presumably by raising interest rates by another three-quarter of a percentage point in a bid to curb demand. In the meantime, the economy is preparing for this development.
Lowering inflation, according to Fed Chair Jerome Powell, is "important," but he emphasized that the objective is to do so without negatively impacting the US economy.
As American families have battled to make ends meet amid rising inflation, Biden's approval ratings have fallen in recent months after the economy recovered quickly last year.
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