WASHINGTON (Pakistan Point News / Sputnik - 19th July, 2022) White House spokesperson Karine Jean-Pierre said the Biden administration is confident that the US economy is inconsistent with a "recessionary call" given the level of unemployment and consumer spending in the United States.
"Based on consumer spending, based on payroll employment, based on where the unemployment rate is, I think we can confidently say that these numbers that we're posting are very much inconsistent with a recessionary call given where we are right now," Jean-Pierre said during a press briefing.
The US Commerce Department said last week that retail sales in the United States increased by 1% in June. Consumers spent more last month across a broad range of goods, including furniture, groceries and gas and food, but spending declined in the building-supply, clothing and department stores.
On Thursday, the Commerce Department followed up with another high inflation data, saying producer prices rose 11.3% in the year to June, the largest increase since a record 11.6% jump registered during the 12 months to March 2022.
