The White House said that even if the GDP estimate is negative for a second straight month, it's 'unlikely' that the country is in a recession.
In a blog post, the council of economic advisors says that two consecutive quarters of falling GDP doesn't mean the country is in a recession.
US President Joe Biden speaks about the economy and the final rule implementing the American Rescue Plans Special Financial Assistance program, protecting multiemployer pension plans, at Max S. Hayes High School in Cleveland, Ohio, July 6, 2022.Citing figures from the National Bureau of Economic Research, the post states that their "recession indicator variables" have "exhibited strong growth in the U.S.
"Based on these data, it is unlikely that the decline in GDP in the first quarter of this year—even if followed by another GDP decline in the second quarter—indicates a recession," the post states.On NBC News' "Meet the Press," Treasury Secretary Janet Yellen said that the economy is not in a recession, but rather one that's in a "period of transition" where "growth is slowing.
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