An economic adviser to President Joe Biden said on Tuesday that the White House is concerned about the risks of a recession in the United States, but believes that economic fundamentals are still strong enough to deal with them.
"Obviously that's a concern, but the backbone of our economy is still going strong," Cecilia Rose told CNBC.
Rose referred to the contraction in GDP recorded in the first quarter and stressed that it was caused by weak exports.
"If you look at the main components of GDP in the last quarter, it was actually very strong in terms of consumer spending. The labor market is still strong," she added, noting that growth is continuing.
"Economic data today still looks relatively good," said Thomas Barkin, head of the central bank's Richmond regional office, during a speech in Richmond, Virginia.
He explained that a return to normal will not necessarily pass into a recession, even if the danger exists.
On Sunday, US Treasury Secretary Janet Yellen considered that a recession is not "inevitable" in the United States.
"I don't think a recession is inevitable," she told ABC News, but she expected "the economy to slow down" in the midst of its transition to "slow and stable growth."
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