{"id":1547512,"date":"2022-07-10T17:19:52","date_gmt":"2022-07-10T21:19:52","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1547512"},"modified":"2022-07-10T17:19:54","modified_gmt":"2022-07-10T21:19:54","slug":"commerce-secretary-says-us-economy-has-strong-fundamentals-warns-against-fears-of-recession","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/commerce-secretary-says-us-economy-has-strong-fundamentals-warns-against-fears-of-recession\/","title":{"rendered":"Commerce Secretary Says US Economy Has \u2018Strong Fundamentals,\u2019 Warns Against Fears of Recession"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcommerce-secretary-says-us-economy-has-strong-fundamentals-warns-against-fears-of-recession%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1547512&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Commerce Secretary Gina Raimondo on Sunday said she understands that Americans feel frustrated with rising prices at fuel pumps and grocery stores, but insisted that the U.S. <a href=\"https:\/\/www.theepochtimes.com\/t-economy\">economy<\/a> is fundamentally \u201cvery strong\u201d and can avoid a recession.<\/p>\n<p>Speaking on ABC\u2019s \u201cThis Week,\u201d Raimondo said it\u2019s normal for the <a href=\"https:\/\/www.theepochtimes.com\/t-federal-reserve\">Federal Reserve<\/a> to hike interest rates to return the economic growth, which is recovering from the depths of the pandemic, to a \u201cmore steady\u201d level.<\/p>\n<p>\u201cI do think at some point, we will see a less rapid growth in the economy, but I don\u2019t see any reason to think that we will have a serious recession,\u201d Raimondo said. \u201cWe recovered all the jobs since the pandemic. People\u2019s household balance sheets are strong. Companies are doing well. Companies are hiring. Companies are growing.\u201d<\/p>\n<p>While the unemployment rate held at 3.6 percent over the past four months and the number of unemployed people largely unchanged at 5.9 million, the <a href=\"https:\/\/www.theepochtimes.com\/t-inflation\">inflation<\/a> rate has remained at record highs, with the consumer price index climbing 8.6 percent in May from a year ago.<\/p>\n<p>In response, the Fed in mid-June raised its benchmark interest rate by 0.75 percentage points, marking the biggest hike since 1994. This was after a quarter-point rise in March and a half-point increase in May.<\/p>\n<p>According to Raimondo, the CEO of \u201ca major U.S. company\u201d recently told her that the fear of a recession could turn into a self-fulfilling prophecy.<\/p>\n<p>\u201cIt\u2019s almost like we\u2019re trying to talk ourselves into a recession,\u201d she said. \u201cHe said he sees no signs of it. His customers, both individual and companies, are buying. So the fundamentals of this economy are very strong.\u201d<\/p>\n<p>When asked to explain the disconnection between the \u201cstrong economic fundamentals\u201d and low consumer confidence, Raimondo blamed inflation.<\/p>\n<p>\u201cIf you ask folks what they\u2019re worried about, they\u2019ll<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Commerce Secretary Gina Raimondo on Sunday said she understands that Americans feel frustrated with rising prices at fuel pumps and grocery stores, but insisted that the U.S. economy is fundamentally \u201cvery strong\u201d and can avoid a recession. Speaking on ABC\u2019s \u201cThis Week,\u201d Raimondo said it\u2019s normal for the Federal Reserve to hike interest rates to [\u2026]<\/p>\n","protected":false},"author":392,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1547512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1547512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/392"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1547512"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1547512\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1547512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1547512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1547512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}