White House says concerned about recession but US economy strong – World
WASHINGTON: The American economy remains strong, but a White House economist acknowledged Tuesday that President Joe Biden’s team is concerned about a possible recession.
With inflation soaring at the fastest pace in more than four decades, sending prices for gas and housing rocketing, Americans are feeling the pain and the Federal Reserve is cranking up interest rates to try to cool the economy, fueling fears of a sharp downturn.
Despite a contraction in the first three months of the year, core parts of the world’s largest economy remain in good shape, including the labor market and consumer spending, Cecelia Rouse, head of Biden’s Council of Economic Advisers said on CNBC.
“When we look at recession (risks) … that’s obviously a concern, but the bones of our economy are solid,” she said, noting that the United States is better positioned to face the challenges than most other nations.
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