Joe Biden on recent US economic data

The American President, Joe Bidenleaned this Thursday on recent economic data from the country to defend the strength of the US economy and conclude: “This does not sound like a recession.”

Biden spent the last minutes of his speech on measures to tackle the inflation to respond “with facts about the state of the economy” to the debate about whether the country has entered a period of recession after chaining the Gross Domestic Product two consecutive quarters of contraction, 0.2% between April and June.

He thus underlined the “record” data of jobwith the creation of nine million jobs and an unemployment rate that is currently at 3.6%, and also spoke of the important investments that large companies have announced in the country.

He thus cited the investments of billions in semiconductors by technology companies such as Intel, Samsung and Texas Instruments, or in electric vehicles by Ford, General Motors, Hyundai and Tesla.

He also spoke of the law that is approved today in the House of Representatives to promote the manufacture of chips, and the investment that his Government will make to encourage alternative energies to reduce inflation – on which fuel prices weigh so heavily.

All to conclude that “this does not sound like a recession,” said the president just before leaving the room.

In the morning, in a statement, Biden He attributed the economic slowdown to the actions of the Federal Reserve to combat inflation and insisted that the United States is “on the right track” to come out of the pandemic stronger.

“After last year’s historic economic growth, and having recovered the private sector jobs lost during the pandemicit is not a surprise that the economy is slowing down as the Federal Reserve acts to reduce inflation,” he said in that note.

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