Brian Deese: ‘Virtually Nothing Signals that This Period in the Second Quarter Is Recessionary’

DEESE Happy to be ░░░░░░░░ QUINTANILLA We don t ░░░░░░░░ to devolve into the ░░░░░░░░ label debate but I ░░░░░░░░ do wonder do you ░░░░░░░░ expect the NBER to ░░░░░░░░ we re in a ░░░░░░░░ DEESE Well we re ░░░░░░░░ in a transition and ░░░░░░░░ are seeing slowing as ░░░░░░░░ all would have expected ░░░░░░░░ I think if you ░░░░░░░░ at the full data ░░░░░░░░ the type of data ░░░░░░░░ NBER looks at virtually ░░░░░░░░ signals that this period ░░░░░░░░ the second quarter is ░░░░░░░░ obviously in the labor ░░░░░░░░ 3 6 percent unemployment ░░░░░░░░ also 1 2 million ░░░░░░░░ in the second quarter ░░░░░░░░ 7 million jobs over ░░░░░░░░ first half of this ░░░░░░░░ That s not what ░░░░░░░░ people or what the ░░░░░░░░ would typically think of ░░░░░░░░ recessionary So as we ░░░░░░░░ at where we are ░░░░░░░░ now the the consumer ░░░░░░░░ to power forward with ░░░░░░░░ although you know it ░░░░░░░░ somewhat moderating levels as ░░░░░░░░ would expect we are ░░░░░░░░ to see businesses invest ░░░░░░░░ we think we re ░░░░░░░░ here that the legislation ░░░░░░░░ we re contemplating hopefully ░░░░░░░░ can move forward with ░░░░░░░░ strong CHIPS Act vote ░░░░░░░░ would actually provide some ░░░░░░░░ longer term incentive for ░░░░░░░░ to accelerate investment in ░░░░░░░░ kind of areas where ░░░░░░░░ absolutely need in this ░░░░░░░░