- July 25, 2022
- Posted by: Stratford Team
- Category: Economy
Debunks misperception that it is exclusively based on GDP, points to historically strong labor market and solid consumer spending
Appearing on NBC’s Meet the Press with Chuck Todd, Treasury Secretary Janet Yellen explained the state of the economy, including its historic strengths, efforts to bring down inflation, and how to interpret the initial reading of second quarter GDP being announced this week. As she explains, the technical and actual definition of a recession takes into account “a broad range of data” and states “this is not an economy that’s in recession.”
TODD: “If the technical definition is two quarters of contraction, you’re saying that’s not a recession?”
YELLEN: “That’s not the technical definition. There is an organization called the National Bureau of Economic Research that looks at a broad range of data in deciding whether or not there is a recession. And most of the data that they look…
