The United States “will not experience a recession”, says Joe Biden

“I think we won’t have a recession,” he told reporters.

Citing the good employment figures, the president said he hoped for a soft landing, where the country “would go from this rapid growth to stable growth”.

Treasury Secretary Janet Yellen also expressed optimism that the United States will manage to avoid a recession in the coming months due to the good health of the job market and consumption.

An economic slowdown seems inevitable, but a recession “is simply not compatible with the type of labor market that we see”, she said on July 19.

Second-quarter US gross domestic product (GDP) growth will be released on July 28.

A recession is defined as two consecutive quarters of negative growth.

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