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The US Treasury says the US economy is moving towards “more sustainable growth”

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The US economy is moving towards “more sustainable growth,” Treasury Secretary Janet Yellen said. In her opinion, this is evidenced by the indicators of the report on the state of the economy. According to the results of the second quarter, US GDP decreased by 0.9% compared to the previous quarter (seasonally removed). “This report indicates the transition of the economy to more sustainable and stable growth,” Ms. Yellen said at a press conference (quoted by Reuters). According to her, a significant slowdown in the economy should have been expected, given the recovery growth after the COVID-19 pandemic. The Minister believes that a real recession is a serious weakening of the economy and this is not what is happening in the United States now. She noted the low unemployment rate. Janet Yellen urged to abandon the controversy over the term “recession”, as Americans are more worried about inflation. The fall in GDP by 0.9% was significantly the forecast of analysts who expected the economy to grow in the second quarter. At the same time, US President Joe Biden called the fall in GDP expected ….

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