President Biden said he is unsurprised by the worse-than-expected gross domestic product figures reported Thursday and offered assurances that the U.S. economy is on the right path.
Second-quarter GDP dropped 0.9%, putting the U.S. in recession territory after the second straight quarter of economic contraction.
“Coming off of last year’s historic economic growth – and regaining all the private sector jobs lost during the pandemic crisis – it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,” Mr. Biden said. “But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure.