In the US, “growth has slowed, but our labour market continues to be quite strong — I don’t expect a recession,” Yellen said. The economy is on a “good path” to bring inflation down without a major weakening in the labour market, she said.
Treasury Secretary Janet Yellen said China’s economic slowdown risks causing ripple effects across the global economy, though she doesn’t expect a recession in the US.
“Many countries do depend on strong Chinese growth to promote growth in their own economies, particularly countries in Asia — and slow growth in China can have some negative spillovers for the United States,” Yellen said in a Bloomberg Television interview Monday hours after a raft of Chinese economic data came in weaker than expected.
