Treasury Secretary Janet Yellen on Sunday said the U.S. economy is slowing but pointed to healthy hiring as proof that it is not yet in recession.
WASHINGTON - Treasury Secretary Janeton Sunday said the U.S. economy is slowing but pointed to healthy hiring as proof that it is not yet in recession.spoke on NBC's “Meet the Press” just before a slew of economic reports will be released this week that will shed light on an economy currently besieged by rampant inflation and threatened by higher interest rates. The data will cover sales of new homes, consumer confidence, incomes, spending, inflation, and overall output.
She said that slowdown is “necessary and appropriate,” because “we need to be growing at a steady and sustainable pace.”Still, many economists think a recession is on the horizon, with inflation eating away at Americans' ability to spend and the Federal Reserve rapidly pushing up borrowing costs. Last week, Bank of America's economists became the latest to forecast a “mild recession” later this year.
The Fed's hikes have torpedoed the housing market, as mortgage rates have doubled in the past year to 5.5%. Sales of existing homes have fallen for five straight months. On Tuesday, the government is expected to report that sales of new homes dropped in June.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Never seen a virus that behaves this way': Why COVID refuses to give us a break\u0027The world is discovering SARS\u002DCoV\u002D2 isn’t behaving with neat, predictable, winter\u002Dbound waves like the flu, but with multiple rollers that are coming faster\u0027
Read more »
Opinion: The response to the earth-shattering U.S. abortion ruling has been deeply disappointingWithout the right to control our bodies, women are being slotted into a lesser category of human being
Read more »
Trump ex-adviser Bannon convicted of contempt of U.S. CongressWASHINGTON — Steve Bannon, a key associate of former President Donald Trump and an influential figure on the American right, was convicted on Friday of…
Read more »
U.S. President Joe Biden’s global promises held back by politics at homeDomestic politics have routinely been a roadblock when it comes to taking action on climate change, taxes and pandemic relief
Read more »
Jordan Peele's 'Nope' debuts at No. 1 with US$44 millionJordan Peele's UFO thriller 'Nope' topped the North American charts in its first weekend in theaters with an estimated US$44 million in ticket sales, Universal Pictures said Sunday. Though it doesn't come close to the $71 million debut of 'Us,' it is still significantly impressive for an original, R-rated film -- and the biggest of the pandemic for an original screenplay.
Read more »
The U.S. Fed is failing in four ways: Mohamed A. El-Erian - BNN BloombergOPINION from Mohamed El-Erian: The U.S. Fed has yet to make the comprehensive analytical shift from a world dominated for years by deficient aggregate demand to the current one where deficient aggregate supply plays an important role.
Read more »