Nov. 5, 2022
The Biden administration does not believe the U.S. is in a recession and is not preparing for one, according to White House officials, despite economic indicators suggesting a recession could be on the cards.
White House Chief of Staff Ron Klain told MSNBC on Thursday that “we are not in a recession. I want to be really, really clear on that,” while White House Press Secretary Karine Jean-Pierre told MSNBC the administration wasn’t planning for one.
Jean-Pierre said “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 labor market.”
The U.S. jobs market has been performing very well, with the unemployment rate just 3.7 percent in October, which is up slightly from 3.5 percent in September.
The U.S. economy added 261,000 nonfarm payroll jobs in October, down slightly from 263,000 in September, but higher than had been expected by some economists.
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