‘I don’t think we should go into a recession,’ says Commerce Secretary

« I think at some point, you know, we’ll see the economy grow less rapidly, but I don’t see any reason to think we’re going to have a severe recession, » Raimondo said. “We have recovered all the jobs since the pandemic. Household balance sheets are strong. Businesses are doing well. Companies are hiring. Businesses grow. »

“Inflation is our problem, and it is our top priority,” she added. « And so I’m thinking maybe a transition to a more traditional level of growth, but I don’t think we should be heading into a recession. »

Even as fears of a recession loom, robust job growth continues. The United States released a Hot Jobs report on Friday, with the Labor Department saying employers added 372,000 jobs last month, beating economists’ expectations.

Raimondo argued that « the fundamentals of this economy are very strong, » although she acknowledged the impact on consumers of inflation, at its highest level in decades, is undermining robust economic growth.

« Our president’s administration, we’re doing everything we know how to do, » she said. “You’re starting to see gasoline prices go down, wholesale gasoline prices go down. But until we get inflation under control, I think it’s natural for a family to feel that pinch.