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There's no recession coming, says Biden

Photo Credit: Gage Skidmore

The White House is pushing strongly ahead of the released Q2 GDP figures that President Joe Biden insists the country isn't heading into a recession.

The Commerce Department is scheduled to release an estimate of the U.S. second quarter 2022, Gross Domestic Product on Thursday. A 1.6 percent annualized decline had been recorded in the U.S. economy during the first quarter.

“We’re not going to be in a recession, in my view,” Biden said in a virtual meeting on the semiconductor bill on July 25. “The unemployment rate is still one of the lowest we’ve had in history. It’s in the 3.6 percent area. We still find ourselves with people investing. My hope is we go from this rapid growth to a steady growth, so we’ll see some coming down.”

According to the Federal Reserve Bank of Atlanta, the second-quarter GDP is expected to decline by 1.6 percent.

26 July 2022


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