Yellen: 'You don't have a recession' when U.S. unemployment at 53-year low
White House (Reuters) - Given the strength of the American job market, U.S. Treasury Secretary Janet Yellen stated on Monday
that she saw a path for avoiding a U.S. recession, with inflation declining significantly and the economy continuing robust.
When there are 500,000 jobs and the lowest unemployment rate in more than 50 years, Yellen said on ABC's Good Morning America, "You don't have a recession."
"What I see is a path where the economy is still strong and inflation is dropping dramatically."
Inflation, according to Yellen, is still too high, but it has been declining for the past six months and may continue to do so given
the Biden administration's policies, which include initiatives to lower the price of prescription medications and gasoline.
According to figures from the U.S. Labor Department issued on Friday, nonfarm payrolls increased by 517,000 jobs in January,
and the unemployment rate fell to a 53-1/2-year low of 3.4%. The market's hopes that the U.S. Federal Reserve was about to pause its
a cycle of tightening monetary policy were lessened by the strength in hiring, which took place in spite of layoffs in the technology industry.