{"id":1578054,"date":"2022-07-29T09:36:34","date_gmt":"2022-07-29T13:36:34","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1578054"},"modified":"2022-07-29T09:36:38","modified_gmt":"2022-07-29T13:36:38","slug":"yellen-denies-us-economy-is-in-a-recession-despite-recessionary-gdp-numbers","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-denies-us-economy-is-in-a-recession-despite-recessionary-gdp-numbers\/","title":{"rendered":"Yellen Denies US Economy Is in a Recession Despite Recessionary GDP Numbers"},"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\">24<\/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-denies-us-economy-is-in-a-recession-despite-recessionary-gdp-numbers%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=1578054&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>After the U.S. economy met the rule-of-thumb definition for a <a href=\"https:\/\/www.theepochtimes.com\/t-recession\">recession<\/a> by recording negative growth for two quarters in a row, Treasury Secretary <a href=\"https:\/\/www.theepochtimes.com\/t-janet-yellen\">Janet Yellen<\/a> doubled down on the Biden administration\u2019s view that America\u2019s economy has not, in fact, fallen into a recession.<\/p>\n<p>Yellen told a July 28 press conference that \u201cmost economists and most Americans\u201d define a recession as a \u201cbroad-based weakening\u201d of the U.S. economy that includes businesses shuttering in significant numbers and mass layoffs.<\/p>\n<p>\u201cThat is not what we\u2019re seeing right now when you look at the economy. Job creation is continuing, household finances remain strong, consumers are spending, and businesses are growing,\u201d Yellen said.<\/p>\n<p>Her remarks came on the same day that the Bureau of Economic Analysis (BEA) released data showing that real U.S. GDP fell by an annualized 0.9 percent in the second quarter after contracting 1.6 percent in the first quarter.<\/p>\n<p>Two back-to-back negative GDP prints are a common practical definition for a recession, according to numerous economists.<\/p>\n<p>Formally, however, recessions\u00a0in the United States are declared by a committee of economists at the National Bureau of Economic Research (NBER), who use a broader definition than the two-quarter rule that considers a range of indicators\u2014including employment\u2014which has continued to grow.<\/p>\n<p>\u201cAs one example, in the last three months, our economy has created over 1.1 million jobs,\u201d Yellen said. \u201cIn the three months beginning each modern recession outside of the pandemic, our economy lost 240,000 jobs on average.\u201d<\/p>\n<p>Other metrics Yellen mentioned include consumer spending continuing to rise in the second quarter and industrial output showing \u201cstrong average growth over the first half of the year compared to sharp average declines during past recessions.\u201d<\/p>\n<p>She also singled out the large drop in private inventories that shaved over two percentage points off the headline GDP number as companies<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After the U.S. economy met the rule-of-thumb definition for a recession by recording negative growth for two quarters in a row, Treasury Secretary Janet Yellen doubled down on the Biden administration\u2019s view that America\u2019s economy has not, in fact, fallen into a recession. Yellen told a July 28 press conference that \u201cmost economists and most [\u2026]<\/p>\n","protected":false},"author":118,"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-1578054","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\/1578054","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\/118"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1578054"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1578054\/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=1578054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1578054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1578054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}