Yellen 'Feeling Very Good' About Soft Landing for US Economy
Source: Bloomberg
Treasury Secretary Janet Yellen said shes increasingly confident that the US will be able to contain inflation without major damage to the job market, hailing data showing a steady slowdown in inflation and a fresh influx of job seekers. I am feeling very good about that prediction, Yellen said Sunday when asked about her previous hopes that the US would avoid a recession while still reining in consumer-price gains. I think youd have to say were on a path that looks exactly like that.
Speaking in an interview on her aircraft en route back from attending the Group of 20 summit in New Delhi, the Treasury chief also played down any risk from Chinas efforts to increase the sway from the separate BRICS grouping of major emerging nations. The G-20 remains the premier forum for global cooperation, she said. Yellen and President Joe Biden attended the gathering, which was skipped by Chinas President Xi Jinping, against the backdrop of a raft of positive data on the worlds largest economy.
Headline inflation has slowed toward 3% though still above the Federal Reserves 2% target without any decline in payrolls or GDP. Every measure of inflation is on the road down, Yellen said. She also highlighted that while the US unemployment rate increased in August after reaching the lowest levels in more than a half-century earlier this year, that jump wasnt caused by a large wave of layoffs.
The jobless rate hit 3.8% last month, thanks in part to an increase in the labor force participation rate to the highest level since February 2020, just as Covid began to spread.
Read more: https://www.bloomberg.com/news/articles/2023-09-10/yellen-feeling-very-good-about-us-sticking-a-soft-landing
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peppertree
(21,720 posts)Would it that more voters could understand that.
Martin68
(22,971 posts)elleng
(131,416 posts)but communicating it to the voting public???
IronLionZion
(45,667 posts)Too many of them are convinced things are bad when it's actually quite good depending on what we focus on.
2naSalit
(86,968 posts)cstanleytech
(26,361 posts)percentage of the population into poverty.
Bayard
(22,243 posts)Rethuglicans are still pushing it like crazy. Our messaging has to get a whole lot better on this issue.