No reason US 'will have a serious recession' but economy should cool, Gina Raimondo says

Following a stronger-than-expected jobs report released on Friday, the Biden administration is continuing to push back on fears of looming economic downtown while working to tame historic inflation.

"I don't see any reason to think that we will have a serious recession," Commerce Secretary Gina Raimondo told ABC "This Week" anchor George Stephanopoulos on Sunday when asked about the trajectory of future growth as the Federal Reserve hikes interest rates to slow spending and demand.

Raimondo said the "fundamentals" of the U.S. economy are "very strong" and tackling inflation is "our top priority."

"We've recovered all the jobs since the pandemic. People's household balance sheets are strong," she said. "Companies are doing well. Companies are hiring, companies are growing."

She acknowledged the strain of inflation on daily life and said she expects the economy to "transition to a more traditional growth level," but said that the public should not "be talking ourselves into a recession."

This is a developing news story. Please check back for updates.

No reason US 'will have a serious recession' but economy should cool, Gina Raimondo says originally appeared on abcnews.go.com

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