Biden administration economic adviser Jared Bernstein joined ‘The Story’ Monday to dispel questions of a looming recession over America.
JARED BERNSTEIN: The call for a recession is made, as I know you know, by the National Bureau of Economic Research. And they don't do that until after-the-fact.
MOST VOTERS BELIEVE US ECONOMY IS CURRENTLY IN RECESSION, ACCORDING TO NEW POLL
But if you look at the things that they look at, payroll employment growth extremely strong, over half a million jobs in July. I know you know that the national unemployment rate, 3 ½ %, a 53-year low tide for a 53-year low.
LIBERAL ‘THOUGHT LEADER’ ROASTED BY CRITICS ACCUSING HER OF NOT KNOWING HOW GOVERNMENT IS FUNDED
But you may not have heard this. We just learned this last Friday, in 22 states the unemployment rate is below 3%. That is an historical record.
GEORGE SOROS, OTHER BILLIONAIRES FLOOD SCHUMER'S PAC WITH MILLIONS TO SAVE SENATE MAJORITY
Retail sales, strong industrial production, strong personal consumer spending. These are the measures that that group looks at, and they are all flashing non-recession.
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