WATCH: President Biden Maintains US Economy ‘Is Not In a Recession’ Despite GDP Report
By Fox News // July 28, 2022
'We are on the right path' - President Biden
ABOVE VIDEO: President Biden speaks on Inflation Reduction Act after US economy falls into recession.
(FOX NEWS) – President Biden said the United States “is not in a recession,” despite Thursday’s GDP report, saying it is “no surprise that the economy is slowing down” amid inflation.
The U.S. economy shrank in the spring for the second consecutive quarter, meeting the criteria for a recession as record-high inflation and higher interest rates forced consumers and businesses to pull back on spending.
Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.9% on an annualized basis in the three-month period from April through June, the Commerce Department said in its first reading of the data on Thursday.
Refinitiv economists expected the report to show the economy had expanded by 0.5%.
“Coming off of last year’s historic economic growth — and regaining all the private sector jobs lost during the pandemic crisis — it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,” Biden said Thursday in a statement. “But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure.”
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