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MNI BRIEF: Fed Chair Powell Says U.S. Is Not In a Recession

(MNI) Washington

The U.S. economy is slowing but is not in a recession, Federal Reserve Chair Jerome Powell said Wednesday, and pointed to the labor market as still showing signs of overheating.

"I don't think the U.S. is currently in a recession," said Powell, speaking the day before official government statistics could show two quarters of negative growth. There are "areas of the economy that are performing too well and of course, I'd point to the labor market. In particular. It's true that growth is slowing for reasons we understand."

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The U.S. economy is slowing but is not in a recession, Federal Reserve Chair Jerome Powell said Wednesday, and pointed to the labor market as still showing signs of overheating.

"I don't think the U.S. is currently in a recession," said Powell, speaking the day before official government statistics could show two quarters of negative growth. There are "areas of the economy that are performing too well and of course, I'd point to the labor market. In particular. It's true that growth is slowing for reasons we understand."

Keep reading...Show less