Yellen sees strong job market, lower inflation, even as US economy cools

U.S. Treasury Secretary Janet Yellen said on Friday that the U.S. economy is on a path to maintain a strong labor market while reducing inflation, even if the
economy cools a bit more.
Yellen said in prepared remarks at a residential solar power company in New Orleans that strong household and business balance sheets will serve as a source of U.S. economic strength along with a continuing surge in U.S. factory construction.
Yellen, who is making a campaign-style visit to New Orleans to tout President Joe Biden’s economic agenda, said that the U.S. economy has defied persistent predictions of recession this year, proving more resilient than expected.
“I continue to believe that there is a path to reducing inflation while maintaining a healthy labor market. Without downplaying the significant risks ahead, the evidence that we’ve seen so far suggests that we are on that path,” Yellen said at a PosiGen Solar facility.