Recession? Not in the U.S., says Treasury Secretary Janet Yellen. “You don’t really see any sign of recession here,” Yellen said at a Bloomberg event in Washington on Thursday, following a strong report on economic growth in the U.S. released earlier in the day. See live coverage of the GDP report.
The Treasury chief was speaking after the government reported that gross domestic product surged at a 4.9% annual pace in the third quarter, fueled by a big burst in consumer spending. See: GDP jumps 4.9% as the U.S. economy speeds up Yellen, to be sure, said she didn’t expect growth to stay at the just-reported level, predicting instead it could come in at 2.5% for the year. “What we have looks like a soft landing with very good outcomes for the U.S. economy,” she added. U.S. stocks on Thursday were tumbling with the Nasdaq Composite
sliding further into correction territory, following another spate of disappointing corporate earnings.