Yellen Denies US Economy Is in a Recession Despite Recessionary GDP Numbers

Yellen Denies US Economy Is in a Recession Despite Recessionary GDP Numbers
U.S. Treasury Secretary Janet Yellen speaks during a news conference in Nusa Dua, Bali, Indonesia, on July 14, 2022. Made Nagi/Pool via Reuters
Tom Ozimek
Updated:
0:00

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’s view that America’s economy has not, in fact, fallen into a recession.

Yellen told a July 28 press conference that “most economists and most Americans” define a recession as a “broad-based weakening” of the U.S. economy that includes businesses shuttering in significant numbers and mass layoffs.

Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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