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Biden says U.S. economy headed to 'new plateau,' amid recession fears

Friday, January 6, 2023
Biden says U.S. economy headed to 'new plateau,' amid recession fears © Reuters. U.S. Secretary of State Antony Blinken looks toward President Joe Biden during a cabinet meeting at the White House in Washington, U.S., January 5, 2023. REUTERS/Kevin Lamarque

By Andrea Shalal

WASHINGTON (Reuters) - President Joe Biden said on Thursday the U.S. economy was seeing "really bright spots" after a rough few years, and was headed to a "new plateau," a new term for the stable, slower growth White House officials see ahead.

While investors, many economists and some CEOs have warned recently that a U.S. recession is due in 2023, the Biden administration considers it unlikely, in part because of federal spending.

Biden told members of his Cabinet ahead of a private meeting that he sees public and private investments of $3.5 trillion in manufacturing and technology over the next decade strengthening the U.S. economy and boosting prospects for American companies and workers.

"This is not about getting to a level spot. This is about going to a whole new plateau," the Democratic president said. "We're the only country in the world who's come out of the crisis stronger than we went in."

Biden cited recent data showing easing inflation, solid growth and a resilient labor market, but said it would be critical to implement hundreds of billions of dollars in federal spending contained in three key signature laws passed last year.

The U.S. economy is forecast to grow 3.8% in the fourth quarter of 2022, according to an Atlanta Fed model, while the Consumer Price Index rose 0.1% in November.

"That doesn't mean it's all over. It means that we're off to a pretty darned good start," he said. "I just don't want to get us suckered into thinking that we can sort of let up on the gas pedal."

Biden is not alone in his optimism.

The United States may avoid the outright contraction that could hit a third of the world's economies, Kristalina Georgieva, head of the International Monetary Fund, said on Sunday.

St. Louis Federal Reserve leader James Bullard said Thursday that the risk of a U.S. recession has fallen in recent weeks.

Still, if the U.S. avoids recession, it will likely be by a narrow margin. The Federal Reserve predicts 0.5% growth in 2023, for example.

Speaking to Cabinet members, Biden also lauded plans by the U.S. Federal Trade Commission, which enforces antitrust law, to ban companies from requiring workers to sign noncompete and some training repayment agreements that keep workers from leaving for better jobs.

"The bottom line is, I believe our economic vision is working, and we're in the process of implementing the first pieces we've gotten done and we're going to move on," he said.

Biden's upbeat comments came as Wall Street's main indexes closed more than 1% lower, with evidence of a tight labor market eating away at any hopes investors had that the Federal Reserve could soon pause its rate hike cycle.

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31-03-2024 10:19:50 (UTC+7)

EUR/USD

1.0793

+0.0006 (+0.06%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (5)

EUR/USD

1.0793

+0.0006 (+0.06%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (5)

GBP/USD

1.2624

+0.0002 (+0.02%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (6)

USD/JPY

151.38

0.01 (0.00%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (1)

AUD/USD

0.6522

+0.0007 (+0.11%)

Summary

Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (3)

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USD/CAD

1.3543

+0.0006 (+0.04%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

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EUR/JPY

163.37

+0.12 (+0.07%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

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Sell (8)

EUR/CHF

0.9738

+0.0010 (+0.10%)

Summary

↑ Buy

Moving Avg:

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Gold Futures

2,254.80

42.10 (1.90%)

Summary

Buy

Moving Avg:

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Indicators:

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Silver Futures

25.100

+0.002 (+0.01%)

Summary

↑ Buy

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Copper Futures

4.0115

-0.0003 (-0.01%)

Summary

↑ Buy

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Sell (1)

Indicators:

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Crude Oil WTI Futures

83.11

+1.76 (+2.16%)

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↑ Buy

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Brent Oil Futures

86.99

+0.04 (+0.05%)

Summary

Neutral

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Natural Gas Futures

1.752

+0.034 (+1.98%)

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US Coffee C Futures

188.53

-2.12 (-1.11%)

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↑ Sell

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

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↑ Sell

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Sell (12)

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S&P 500

5,254.35

+5.86 (+0.11%)

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DAX

18,504.51

+27.42 (+0.15%)

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FTSE 100

7,952.62

+20.64 (+0.26%)

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↑ Sell

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Hang Seng

16,541.42

0.00 (0.00%)

Summary

Neutral

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Indicators:

Buy (3)

Sell (1)

US Small Cap 2000

2,120.15

+5.80 (+0.27%)

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Neutral

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IBEX 35

11,074.60

-36.70 (-0.33%)

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↑ Sell

Moving Avg:

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Sell (12)

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Buy (2)

Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

Summary

↑ Buy

Moving Avg:

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Sell (3)

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Buy (6)

Sell (1)

Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

Moving Avg:

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Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

Summary

↑ Buy

Moving Avg:

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Adidas AG

207.00

+2.30 (+1.12%)

Summary

↑ Buy

Moving Avg:

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Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

Summary

↑ Sell

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Sell (8)

Indicators:

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Siemens AG Class N

176.96

+0.04 (+0.02%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Deutsche Bank AG

14.582

-0.030 (-0.21%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Sell (1)

 EUR/USD1.0793Sell
 GBP/USD1.2624Sell
 USD/JPY151.38↑ Buy
 AUD/USD0.6522Sell
 USD/CAD1.3543Buy
 EUR/JPY163.37↑ Sell
 EUR/CHF0.9738↑ Buy
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
(7,910/ 8,080) # 1,364
SJC HCM7,830/ 8,080
(0/ 0) # 1,364
SJC Hanoi7,830/ 8,082
(0/ 0) # 1,366
SJC Danang7,830/ 8,082
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SJC Nhatrang7,830/ 8,082
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SJC Cantho7,830/ 8,082
(0/ 0) # 1,366
Cập nhật 31-03-2024 10:19:52
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$2,232.75-1.61-0.07%
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Sản phẩmVùng 1Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.82+5.390.07%
Brent$86.82+5.180.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.600,0024.970,00
EUR26.020,0327.447,78
GBP30.490,4131.787,64
JPY158,93168,22
KRW15,9119,28
Cập nhật lúc 10:12:31 31/03/2024
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