The US Treasury Secretary is optimistic about the American economy.
(Photo: Reuters)
Washington US Treasury Secretary Janet Yellen sees a slowdown in the American economy as no sign of an impending recession. Overall, the US economy is healthy, Yellen said on NBC’s “Meet the Press” show on Sunday. Consumer spending increased, American finances are solid on average and more than 400,000 jobs have been added each month in the current year. At 3.6 percent, the unemployment rate in the United States is at its lowest level in almost 50 years.
“We have a very strong job market,” Yellen explained. “This is not an economy stuck in a recession.” At the same time, the finance minister acknowledged that the economy is in a phase of transition in which growth is now slowing down after a historically rapid pace last year. However, the trend is “necessary and appropriate” because “we have to grow at a steady and sustainable pace”.