President Joe Biden on Thursday is slated to talk up the U.S. economy’s performance in his first two years in office, with his remarks coming as fourth-quarter data showed robust 2.9% growth but economists see a slowdown in the current quarter.
Economists predict the U.S. will slow to a crawl in the first quarter — and barely expand at all this year, and some even think the U.S. is already in recession.
Read more: U.S. economy grew a sturdy 2.9% at the end of 2022, GDP shows, but don’t look for a repeat soon
The White House pushed back on Wednesday when asked about job cuts in the tech and banking sectors, as well as recession concerns.
“We understand the fears,” said White House press secretary Karine Jean-Pierre, but she added that it’s also important to look at economic data that indicate layoffs are at low levels and inflation is coming down.
“There is again data out there that shows that the economy is growing,” she told reporters during a daily briefing.
Biden plans to “deliver remarks on our economic progress since he took office” around 2:45 p.m. Eastern Thursday, according to the White House.
He’s due to speak before a labor union in Springfield, Va. — Steamfitters Local 602.
Last Friday, Biden touted his administration’s achievements while marking two years in office and speaking before a bipartisan group of mayors at the White House.
The president is due to give the State of the Union address on Feb. 7.
Credit: marketwatch.com