US Treasury Secretary Janet Yellen said data does not prove that the country is currently in recession.
Yellen made statements after the fall in the US gross domestic product. The Secretary of the Treasury thinks that these data do not constitute evidence of a recession.
Yellen said that for a real recession to occur, there must be broad-based weakening in the economy. According to him, this is not what is happening right now.
Yellen noted that the country is experiencing growth in employment, consumer spending and business. Employment increased in the second quarter of the year and 1.1 million new jobs were created.
The Treasury Secretary said that inflation is still very high and reducing it is a top priority for the administration.
