US is not in recession, White House not preparing for one

THE United States is not in a recession, White House Chief of Staff Ron Klain said on Thursday (Nov 3), adding that economic data showed the nation’s economy was solid.

“We are not in a recession,” US President Joe Biden’s top aide told MSNBC in an interview following the release of weekly US jobless data earlier on Thursday. “Unemployment claims remain at a historical low... The economy is growing. It is strong. It is creating jobs.”

The global economy is approaching a recession, a Reuters poll of economists shows, and some US CEOs, including Goldman Sachs’, have recently expressed concerns the US could tip into recession next year.

Press Secretary Karine Jean-Pierre told MSNBC earlier Friday “We are not – there are no meetings or anything happening like that in preparing for a recession because...look, what we’re seeing right now is a strong labour market.” REUTERS