US Treasury Secretary Janet Yellen said on Sunday that US economic growth is slowing and acknowledged there was the risk of a recession, but she said a downturn was not inevitable.
Yellen, speaking on NBC's "Meet the Press," said strong US hiring numbers and consumer spending showed the US economy is not currently in recession.
Still, data last week suggested the labor market was softening with new claims for unemployment benefits hitting their highest point in eight months. "We've seen gas prices just in recent weeks come down by about 50 cents [a gallon] and there should be more in the pipeline," she said.
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