White House says US isn't in a recession

Ron Klain, White House chief of staff

© APA | Ron Klain, White House chief of staff

# 03 November 2022 19:15 (UTC +04:00)

White House chief of staff Ron Klain asserted on Thursday that the United States economy is not in a recession, with economic data confirming the economic climate was "solid," APA reports citing Tele Trader.

In an interview with MSNBC, Klain commented on the latest jobless claims data published earlier today, which showed another decline in the last week of October. "Unemployment claims remain at a historical low," Klain reiterated, stressing the Biden administration continues creating new jobs.

This week was also marked by the Federal Reserve's decision to make another 75 basis points rate increase, raising its federal funds rate to 4% and confirming more hikes will follow in the coming months.

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