{"id":1577043,"date":"2022-07-28T16:26:36","date_gmt":"2022-07-28T20:26:36","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1577043"},"modified":"2022-07-28T16:26:40","modified_gmt":"2022-07-28T20:26:40","slug":"yellen-says-us-is-in-new-phase-of-recovery-after-report-shows-decline-in-gdp","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-says-us-is-in-new-phase-of-recovery-after-report-shows-decline-in-gdp\/","title":{"rendered":"Yellen Says US Is In \u2018New Phase\u2019 Of Recovery After Report Shows Decline In GDP"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/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%2Fyellen-says-us-is-in-new-phase-of-recovery-after-report-shows-decline-in-gdp%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=1577043&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--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/IMG-8174-e1659036828921.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<aside id=\"right1forarticles\">\n<\/aside>\n<div id=\"ob-read-more-selector\">\n<p>Treasury Secretary Janet Yellen said the nation is in a \u201cnew phase in our recovery,\u201d despite the Bureau of Economic Analysis (BEA) report showing a decline in GDP.<\/p>\n<p>The <a href=\"https:\/\/dailycaller.com\/2022\/07\/28\/recession-us-economy-second-quarter-gdp-growth\/\" target=\"_blank\" rel=\"noopener noreferrer\">report<\/a> indicated the economy fulfills the standard definition of a recession, due to there being negative GDP growth in two consecutive quarters. Yellen optimistically cited the continual job growth and the low unemployment rate as evidence the country is moving forward, economically.<\/p>\n<p>She said a recession involves job losses, businesses shutting down and family budgets \u201cunder immense strain.\u201d<\/p>\n<p>\u201cWhen you look at the economy, job creation is continuing,\u201d she said. \u201cHousehold finances remain strong, consumers are spending and businesses are growing.\u201d<\/p>\n<p><strong>WATCH:<\/strong><\/p>\n<p>Yellen said 1.1 million jobs were created in the last three months and spending rose 3% in the first quarter of this year. She argued the 2% drop in private inventories led to the decline in GDP. <strong><a href=\"https:\/\/dailycaller.com\/2022\/07\/25\/biden-white-house-economic-recession\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Biden: \u2018We\u2019re Not Gonna Be In A Recession\u2019)<\/a> <\/strong><\/p>\n<p>\u201cToday\u2019s report shows continued expansion in consumer spending overall and in services in particular,\u201d she said. \u201cA notable strength in net exports. Overall, with a slow down in private demand, this report indicates an economy that is transitioning to more steady, sustainable growth. This path is a consistent one that eases inflationary pressures while maintaining the labor market process of the past 18 months.\u201d<\/p>\n<p>She then warned that the economy faces long withstanding risks, such as the war in Ukraine, COVID-19 lockdowns in China and supply chain disruptions caused by the pandemic.<\/p>\n<p>The White House similarly argued the report does not indicate a recession, given there is not a single definition. A July 21 <a href=\"https:\/\/www.whitehouse.gov\/cea\/written-materials\/2022\/07\/21\/how-do-economists-determine-whether-the-economy-is-in-a-recession\/\" target=\"_blank\" rel=\"noopener noreferrer\">blog post<\/a> argued the National Bureau of Economic Research (NBER) has indicated there is a \u201cstrong growth in the U.S. economy.\u201d<\/p>\n<p>NBER defines a recession as \u201ca significant decline in economic activity that is spread across the economy and lasts more than a few months,\u201d leading the White House to <a href=\"https:\/\/dailycaller.com\/2022\/07\/25\/white-house-redefine-recession-gdp-data\/\" target=\"_blank\" rel=\"noopener noreferrer\">argue<\/a> that its indicators have found growth in the labor market, incomes, consumer and business spending and industrial production.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen said the nation is in a \u201cnew phase in our recovery,\u201d despite the Bureau of Economic Analysis (BEA) report showing a decline in GDP.The<\/p>\n","protected":false},"author":198,"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-1577043","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\/1577043","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\/198"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1577043"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1577043\/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=1577043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1577043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1577043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}