U.S. economy slowing, but recession not inevitable, Yellen says

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WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen said on Sunday that U.S. economic growth is slowing and she acknowledged the risk of a recession, but she said a downturn was not inevitable. Yellen, speaking on NBC’s “Meet the Press,” said strong hiring numbers and consumer spending showed the U.S. economy is not currently in recession. U.S. hiring remained robust in June, with 372,000 jobs created and the unemployment rate holding at 3.6%. It was the fourth straight month of job gains in excess of 350,000. “This is not an economy that is in recession,” said Yellen. “But we’re in a p…

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