White House avoids ‘recession’ term despite robust GDP report.
Economic Growth Surged in Third Quarter Despite High Interest Rates
The White House announced on Thursday that the latest gross domestic product (GDP) report reveals the strength of the economy, indicating positive growth. However, it did not explicitly state that the United States will avoid a recession.
The Bureau of Economic Analysis recently published data showing that the economy expanded by an impressive 4.9% in the third quarter of 2023. To discuss this encouraging report, National Economic Council Director Lael Brainard joined White House press secretary Karine Jean-Pierre at Thursday’s briefing.
Positive Signs Pointing Towards Ongoing Resilience
When asked if the Biden administration is no longer concerned about a recession in the near future, Brainard acknowledged that the recent data has consistently indicated positive trends. However, she did not explicitly state whether the administration believes the economy will avoid consecutive periods of contraction next year.
“We are witnessing robust and continuous growth, accompanied by a decrease in inflation. Unemployment has remained below 4% for 20 consecutive months, while inflation has been declining,” Brainard explained. “These sustained trends suggest ongoing resilience in the economy.”
Brainard also highlighted the “record rate” of small business formation, emphasizing the dynamic nature of the economy that has caught people’s attention.
“Thanks to historic legislation, the manufacturing sector is experiencing an unprecedented level of construction, leveraging private sector investments,” she concluded. “Therefore, due to these factors, we anticipate the economy will continue to grow with low inflation, positioning us with the strongest growth and lowest inflation among the G7 countries.”
For the full briefing, you can watch the video below.
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