Zachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
Treasury Secretary Janet Yellen said Thursday that it appears the economy will avoid falling into a recession as the Federal Reserve works to vanquish too-high inflation.
“You know, what we have looks like a soft landing with very good outcomes for the U.S. economy,” Yellen told Bloomberg. “Frankly, it's only, it's about a year ago, since I believe a Bloomberg model predicted that by October of 2023, now, namely, that you saw at the odds of recession at 100%. I don't think we have that,” she told the outlet.Typically, two back-to-back quarters of negative GDP growth indicate a recession.
She also noted that the strong GDP growth is buttressed by a healthy employment landscape. The labor market added 336,000 jobs in September, a number that was much better than economists had expected. Employment gains in July and August were also revised upward by a combined 119,000.
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