During an interview with NBC News on Monday broadcast on Monday’s edition of MSNBC’s “The 11th Hour,” Treasury Secretary Janet Yellen argued that many companies are struggling because “there’s been a shift in the global economy” and many companies sell their products globally and that while the United States is “doing well. But many parts of the world are not.”
MSNBC host and NBC News Senior Business Analyst Stephanie Ruhle asked, “[W]hen I think about 2021, so many companies were doing so well. And all of a sudden, this year, just six months later, so many of those same companies are struggling. What happened so dramatically?”
Yellen responded, “Well, there’s been a shift in the global economy. Many of these companies are selling their products, not only in the United States, but globally. And the U.S. is probably the strongest part of the global economy. We’ve slowed down, but we’re doing well. But many parts of the world are not.”
Yellen also argued that “when you have a 3.5% unemployment rate and have had over 300,000 jobs a month for the last three or four months or longer, that is not what most people think of as a recession.”
Follow Ian Hanchett on Twitter @IanHanchett
COMMENTS
Please let us know if you're having issues with commenting.