Treasury Secretary Janet Yellen shared her belief that the United States economy appears to be in a “soft landing” recently.
Yellen appeared on CNN News Central on Friday to boast about lowering gas prices and the most recent jobs report, which included 216,000 added jobs. According to the secretary, any fears of a recession are “unwarranted.”
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“Well, there has been a lot of pessimism about the economy; it’s really proven unwarranted. A year ago, most forecasters believed we would fall into a recession. Obviously, that hasn’t happened. We have a good, strong labor market,” Yellen said. “What we’re seeing now, I think we can describe as a soft landing. And my hope is that it will, it will continue.”
When host John Berman attempted to give Yellen credit for the recent turn of the economy by telling her, “You did it,” Yellen disagreed.
“Well, the American people did it. The American people go to work every day, participate in the labor market, form new businesses,” Yellen said. “But President Biden has tried to create incentives to give Americans the tools they need to help this economy grow.”
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Meanwhile, the unemployment rate remained at 3.7%, which was the same as the previous jobs report.
Yellen also mentioned the decreasing price of gas per barrel, which has resulted in a national average of $3.08, according to AAA, a price that has been on the decline in the past month. It is also lower than it was a year ago. Yet, the price is still above the national average of April 2021 before prices rose above $3 per gallon.
