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U.S. economy slowing, but recession not inevitable, Yellen says

Tuesday, July 26, 2022

WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen said on Sunday that U.S. economic growth is slowing and she acknowledged the risk of a recession, but she said a downturn was not inevitable.

Yellen, speaking on NBC's "Meet the Press," said strong hiring numbers and consumer spending showed the U.S. economy is not currently in recession.

U.S. hiring remained robust in June, with 372,000 jobs created and the unemployment rate holding at 3.6%. It was the fourth straight month of job gains in excess of 350,000.

"This is not an economy that is in recession," said Yellen. "But we’re in a period of transition in which growth is slowing and that’s necessary and appropriate."

Still, data last week suggested the labor market was softening with new claims for unemployment benefits hitting their highest point in eight months.

Yellen said inflation "is way too high" and recent Federal Reserve interest rates hikes were helping to bring soaring prices back in check.

In addition, the Biden administration is selling oil from the Strategic Petroleum Reserve, which Yellen said has already helped lower gas prices.

"We've seen gas prices just in recent weeks come down by about 50 cents (a gallon) and there should be more in the pipeline," she said.

Yellen, who previously served as chair of the Federal Reserve, hopes the Fed can cool the economy enough to bring down prices without triggering a broad economic downturn.

"I'm not saying that we will definitely avoid a recession," Yellen said. "But I think there is a path that keeps the labor market strong and brings inflation down."

U.S. gross domestic product, a broad measure of economic health, shrank at a 1.6% annual rate in the first quarter, and a report on Thursday is expected to show a gain of just 0.4% in the second quarter, according to economists polled by Reuters.

Yellen said that even if the second-quarter figure is negative, it would not signal that a recession has taken hold, given the strength in the job market and strong demand.

"Recession is broad-based weakness in the economy. We're not seeing that now," she said.

Journalists, some economists and analysts have traditionally defined a recession as two consecutive quarters of GDP contraction. But the private research group that is the official arbiter of U.S. recessions looks at a broad range of indicators instead, including jobs and spending.

Brian Deese, director of the White House National Economic Council, said on Twitter (NYSE:TWTR) on Sunday that the upcoming second-quarter figures would be "backward looking," which he called important context. "Hiring, spending, and production data look solid," he said.

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10-08-2022 20:16:42 (UTC+7)

EUR/USD

1.0312

+0.0101 (+0.99%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

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EUR/USD

1.0312

+0.0101 (+0.99%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

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GBP/USD

1.2214

+0.0135 (+1.11%)

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↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

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Sell (8)

USD/JPY

133.26

-1.88 (-1.39%)

Summary

Buy

Moving Avg:

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Sell (5)

Indicators:

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AUD/USD

0.7053

+0.0089 (+1.29%)

Summary

Sell

Moving Avg:

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USD/CAD

1.2828

-0.0060 (-0.47%)

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Buy

Moving Avg:

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EUR/JPY

137.42

-0.56 (-0.41%)

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EUR/CHF

0.9729

-0.0007 (-0.07%)

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Gold Futures

1,813.90

+1.60 (+0.09%)

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Silver Futures

20.628

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3.6402

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Crude Oil WTI Futures

90.25

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Brent Oil Futures

96.08

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Natural Gas Futures

7.781

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US Coffee C Futures

219.32

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Euro Stoxx 50

3,743.25

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4,122.47

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19,610.84

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US Small Cap 2000

1,909.01

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8,341.24

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Neutral

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51.99

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179.32

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Adidas AG

171.01

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Siemens AG Class N

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8.736

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 EUR/USD1.0312↑ Sell
 GBP/USD1.2214↑ Sell
 USD/JPY133.26Buy
 AUD/USD0.7053Sell
 USD/CAD1.2828Buy
 EUR/JPY137.42↑ Sell
 EUR/CHF0.9729↑ Sell
 Gold1,813.90↑ Buy
 Silver20.628↑ Buy
 Copper3.6402↑ Sell
 Crude Oil WTI90.25↑ Sell
 Brent Oil96.08Sell
 Natural Gas7.781Sell
 US Coffee C219.32↑ Sell
 Euro Stoxx 503,743.25↑ Sell
 S&P 5004,122.47↑ Buy
 DAX13,655.27↑ Sell
 FTSE 1007,508.55↑ Sell
 Hang Seng19,610.84↑ Buy
 Small Cap 20001,909.01↑ Buy
 IBEX 358,341.24↑ Sell
 BASF44.307Neutral
 Bayer51.99↑ Sell
 Allianz179.32Neutral
 Adidas171.01Sell
 Lufthansa6.599Sell
 Siemens AG108.44Neutral
 Deutsche Bank AG8.736↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,700
(-20/ -20) # 1,624
SJC HCM6,600/ 6,700
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SJC Hanoi6,600/ 6,702
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SJC Danang6,600/ 6,702
(-20/ -20) # 1,626
SJC Nhatrang6,600/ 6,702
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SJC Cantho6,600/ 6,702
(-20/ -20) # 1,626
Cập nhật 10-08-2022 20:16:44
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ↀ Giá vàng thế giới
$1,795.01+0.840.05%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V26.28026.800
RON 95-III25.60026.110
E5 RON 92-II24.62025.110
DO 0.05S23.90024.370
DO 0,001S-V25.88026.390
Dầu hỏa 2-K24.53025.020
ↂ Giá dầu thô thế giới
WTI$90.27+1.631.81%
Brent$96.07+1.731.80%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.220,0023.530,00
EUR23.251,8824.554,01
GBP27.508,9128.682,08
JPY168,20178,07
KRW15,4618,84
Cập nhật lúc 18:51:10 10/08/2022
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