President Joe Biden insisted Thursday that the US economy was "on the right path," with solid job growth, despite a second straight quarter of contraction that has deepened fears of a recession.
"It's no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation," Biden said after the growth data was released, in a statement that emphasized that "our job market remains historically strong."
"Even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure," he said.
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