Treasury Secretary Janet Yellen on Sunday again downplayed fears of a possible recession Sunday but admitted an economic slowdown is occurring.
Instead of a looming recession, Yellen told NBC News the U.S. economy is in “a period of transition in which growth is slowing,” which is “necessary and appropriate, and we need to be growing at a steady and sustainable pace. So there is a slowdown, and businesses can see that and that’s appropriate, given that people now have jobs, and we have a strong labor market.
“The labor market is now extremely strong … this is not an economy that’s in recession,” she said, adding, “But you don’t see any of the signs now. A recession is a broad-based contraction that affects many sectors of the economy. We just don’t have that.”…