TE24 International Desk:
President Joe Biden said Thursday that he was not at all shocked by the slowdown after data showed the economy contracted again in the second quarter, working to ease voters’ concerns about the state of the U.S. economy.
Biden appeared before voters after new data showed the economy slowed for a second straight quarter, undermining many of his economic achievements, including the labor market, which continues to create jobs. Rice fields.
“That doesn’t sound like a recession to me,” Biden said at the end of his speech.
The comment was made by Biden’s staff in his midterm elections on November 8, when the economy was against Congress. It was sent as he feared voter concerns that it could weaken the power of the Democratic Party. According to a
The president’s approval rating fell to a record low of 36%, putting the economy at the top of voters’ concerns as food, gas and housing increases.
GDP fits the standard definition of a recession, but the White House says it’s far from meeting broad criteria for a slowdown in the strong consumer and employment markets.
It’s not surprising that the economy is slowing as the Federal Reserve works to reduce inflation,” Biden said in an earlier statement. “We are on the right track and will make this transition stronger and safer.
Still, voters and markets as policymakers are trying to control the economy where inflation has reached its highest annual level. Afraid that recession is imminent. ..
Gross domestic product fell 0.9% on an annual basis last quarter, after economists had expected a 0.5% increase, according to new data from the Commerce Department.
White House officials attributed the GDP weakness to temporary factors, including a slowdown in corporate replenishment, which may not reflect a broader trend.
They also worry that the recession story could be a self-fulfilling prophecy as businesses and consumers cut back on spending and investment plans and a tough time ahead.
Biden will welcome the CEOs of Marriott International Inc., Bank of America, Deloitte and several senior management advisers at the White House Business Conference on Thursday.
Republicans have attacked Biden’s economic and spending priorities, taking advantage of high inflation and a weak economy. The group has sharply criticized the White House’s efforts to roll back recession talks.
The Fed raised interest rates by another three-quarters on Wednesday, bringing the total rate hike since March to 225 basis points. Fed Chair Jerome Powell acknowledged that this has slowed economic activity
