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Businesses struggle due to global economic change, US ‘does fine’

During an interview with NBC News that aired Monday on Monday’s edition of MSNBC’s “The 11th Hour,” Treasury Secretary Janet Yellen argued that many companies are in trouble because “there has been a change in the global economy” and that many companies are selling their products around the world and that while the United States “is doing well. But many parts of the world are not.

Stephanie Ruhle, MSNBC host and NBC News senior business analyst, asked: “[W]When I think of 2021, so many companies were doing so well. And suddenly, this year, just six months later, so many of those same companies are struggling. What happened so dramatically?

Yellen replied, “Well, there has been a change in the global economy. Many of these companies sell their products not only in the United States, but all over the world. And the United States is probably the strongest part of the global economy. We have slowed down, but we are doing well. But many parts of the world are not.

Yellen also argued that “when you have an unemployment rate of 3.5% and you’ve had more than 300,000 jobs a month for the last three or four months or more, that’s not what the most people think of as a recession”.

Follow Ian Hanchett on Twitter @IanHanchett

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