President Joe Biden does not believe that the US will face a recession, despite record inflation, which is showing signs of decline, Axios reported.

The Commerce Department will release its initial estimate of growth in the second quarter. If it turns out that GDP fell again, the US is in recession, which means a contraction for two quarters in a row.

In the first quarter of 2022, the US economy contracted 1.4% year-on-year for the first time since the pandemic began in the spring of 2020.

The White House says that even if the figure shows negative growth for the second straight quarter, the US economy was not in recession in the first half of this year.

The White House Council of Economic Advisers recently said that other economic indicators such as employment, inflation-adjusted consumer spending and industrial production do not point to a recession.

Treasury Secretary Janet Yellen acknowledged on Sunday that the US economy is slowing, but she also railed against the idea that the US has entered a recession, noting that many of the traditional signs of a recession are not obvious.