China slowdown poses risk but there won't be a US recession, Yellen says

means she's confident that the world's largest economy won't suffer a prolonged slump.

"Growth has slowed, but our labor market continues to be quite strong – I don't expect a recession," Yellen told"The most recent inflation data were quite encouraging," she added, referring to the rate of US price rises falling from 4.0% in May to 3.0% in June. Yellen's cheery outlook comes with economists increasingly hopeful that the US won't slip into a recession, despite inflation remaining high elsewhere andUnemployment has stayed below 4% in the face of that aggressive tightening campaign – although GDP is estimated to have risen just 2% in the first quarter of the year, according to theForecasters have said a slump has"been coming for 11 months," he told donors at a Maryland fundraiser last month.

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