“Never in the history of our country have we had a recession where the economy was creating jobs, period, let alone creating 400,000 jobs,” Deese told CNN’s John Berman during “New Day”.
“Certainly in terms of the technical definition, it’s not a recession. The technical definition looks at a much wider range of data points. But in practical terms, what matters to Americans is whether they have a little economic relief, if they have more job opportunities, their wages go up – that’s Joe Biden’s goal since taking office,” Deese said.
“If you look at the labor market, if you look at what consumers are spending, what businesses and households are investing, you continue to see that resilience,” Deese said. “But that’s no reason to be complacent. We need to act. We need to act on things like prescription drugs and things like semiconductors right now.”
He urged Congress to take immediate action to reduce costs for American families, including lowering prescription drug prices and bolstering computer chip manufacturing in the United States, which he said would help reduce automobile costs.
“These are very uncertain times,” Deese said. “And when you go to park at the gas station or at the grocery store and you see these high prices, not only do they create difficulty, but they create uncertainty as to what things are going to be like. coming.”
The United States expects a number of key economic indicator reports this week outside of the second-quarter GDP numbers due Thursday, including Tuesday’s consumer confidence survey and the index of personal consumption expenditure on Friday. The Federal Reserve also meets on Wednesday to discuss interest rates.
Other top Biden administration officials continue to insist the economy is not in recession amid widespread inflation. Treasury Secretary Janet Yellen said on Sunday the economy was in “transition” and there was a “slowdown”.
“It’s not an economy in recession, but we’re in a transition period where growth is slowing,” she told NBC’s “Meet the Press.”
CNN’s Betsy Klein contributed to this report.