Treasury Secretary Janet Yellen on July 24 again downplayed concerns about a possible recession while conceding that an economic slowdown is occurring.
Yellen told NBC News the U.S. economy is in “a period of transition in which growth is slowing,” which is “necessary and appropriate.”
“We need to be growing at a steady and sustainable pace,” she said. “So there is a slowdown, and businesses can see that, and that’s appropriate, given that people now have jobs, and we have a strong labor market.
“The labor market is now extremely strong. … This is not an economy that’s in recession….


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