Biden: ‘God willing, I don’t think we’re going to see a recession’ – By Brett Samuels (The Hill) / July 25, 2022
President Biden on Monday said he does not expect the U.S. economy to enter a recession ahead of a key report on gross domestic product (GDP) that could show the economy contracting.
“We’re not going to be in a recession in my view,” Biden told reporters after a virtual event focused on semiconductor legislation.
“The employment rate is still one of the lowest we’ve had in history. It’s in the 3.6 [percent] area. We still find ourselves with people investing,” Biden continued. “My hope is we go from this rapid growth to steady growth, so we’ll see some coming down. But I don’t think we’re going to, God willing, I don’t think we’re going to see a recession.”
The Bureau of Economic Analysis is scheduled to release second-quarter GDP data on Thursday. If it shows negative growth, it will mark the second consecutive quarter where the economy contracted, an indicator that often is used by economists to mark a recession.
