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U.S. is not in recession, White House not preparing for one – officials

U.S. is not in recession, White House not preparing for one - officials
© Reuters. A view shows the exterior of the White House in Washington, D.C., U.S., February 6, 2022. REUTERS/Al Drago

WASHINGTON (Reuters) -The United States is not in a recession, White House chief of staff Ron Klain said on Thursday, adding that economic data showed the nation’s economy was solid.

“We are not in a recession,” U.S. President Joe Biden’s top aide told MSNBC in an interview following the release of weekly U.S. jobless data earlier on Thursday. “Unemployment claims remain at a historical low… The economy is growing. It is strong. It is creating jobs.”

The global economy is approaching a recession, a Reuters poll of economists shows, and some U.S. CEOs, including Goldman Sachs (NYSE:GS)’, have recently expressed concerns the U.S. could tip into recession next year.

Press Secretary Karine Jean-Pierre told MSNBC earlier Friday “We are not — there are no meetings or anything happening like that in preparing for a recession because…look, what we’re seeing right now is a strong labor market.”

Source: Investing.com

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