Treasury Secretary Janet Yellen said Sunday that economic growth was slowing but strong hiring indicates it hasn't fallen into a recession yet, The Associated Press reports.
Yellen's comments on NBC's Meet the Press came ahead of a flurry of economic reports expected to provide insights into the impact of high inflation and rising interest rates. The data will cover home sales, consumer confidence, and other key areas, but the report expected to get the most attention is the Commerce Department's first estimate of second-quarter economic output.
Some economists expect that report, due Thursday, to show that the economy contracted for the second quarter in a row, after the first quarter's 1.6 percent contraction. Two straight quarters of contraction meets the informal definition of a recession.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Why are beef prices rising? And how is politics involved?Today's Big Question Drought, tariffs and consumer demand all play a role
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
Fed cuts interest rates a quarter pointSpeed Read ‘The cut suggests a broader shift toward concern about cracks forming in the job market’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
