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U.S. is not in recession, White House not preparing for one - officials

Published 11/03/2022, 09:53 AM
Updated 11/03/2022, 10:46 AM
© Reuters. A view shows the exterior of the White House in Washington, D.C., U.S., February 6, 2022. REUTERS/Al Drago

WASHINGTON (Reuters) -The United States is not in a recession, White House chief of staff Ron Klain said on Thursday, adding that economic data showed the nation's economy was solid.

"We are not in a recession," U.S. President Joe Biden's top aide told MSNBC in an interview following the release of weekly U.S. jobless data earlier on Thursday. "Unemployment claims remain at a historical low... The economy is growing. It is strong. It is creating jobs."

© Reuters. A view shows the exterior of the White House in Washington, D.C., U.S., February 6, 2022. REUTERS/Al Drago

The global economy is approaching a recession, a Reuters poll of economists shows, and some U.S. CEOs, including Goldman Sachs (NYSE:GS)', have recently expressed concerns the U.S. could tip into recession next year.

Press Secretary Karine Jean-Pierre told MSNBC earlier Friday "We are not -- there are no meetings or anything happening like that in preparing for a recession because...look, what we're seeing right now is a strong labor market."

Latest comments

only strong labor market because employers are hoarding employees like we all hoarded TP in 2020. We didn't need 500 rolls of TP in turned out
We will be soon if the FED keeps up its reckless pace
WH can't admit we are in a recession right before the mid-terms, but we all know it already.
By what measure?
For me, Joe Biden is the best president ever. A few months ago I cashed out all stocks and now I'm waiting for the bottom to buyback. As soon as he was elected I knew his policies would crater our economy and cause the stock market to plummet. This is a once in a lifetime opportunity and I'm in a position to take full advantage of it. Thanks again Mr. President.
The predictable effects of Democrat policies and response to Ukraine war have been very profitable indeed.
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