(CNBC) Treasury Secretary Janet Yellen said Thursday the U.S. economy is in a state of transition, not recession, despite two consecutive quarters of negative growth. Recession, Yellen insisted, is a “broad-based weakening of our economy” that includes substantial layoffs, business closures, strains in household finances and a slowdown in private sector activity.
Yellen says the economy is not in a recession despite GDP slump
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