Nat’l Economic Council Head Deese: We’re in ‘Transition’ Where Goal Is ‘Stable and Steady Pathway of Growth’

On Friday’s broadcast of Bloomberg’s “Balance of Power,” White House National Economic Council Director Brian Deese stated that the economy is in “a transition from a historically strong and also bumpy economic recovery to a transition where our goal is to get to a more stable and steady pathway of growth.”

Deese stated, “[W]hat we see is a transition, a transition that many anticipated and in fact, many called for. It is consistent with a Fed tightening cycle and it’s a transition from a historically strong and also bumpy economic recovery to a transition where our goal is to get to a more stable and steady pathway of growth. And so, what you see in that transition is that some of the most accelerated and aggressive parts of the recovery are coming down a bit. You see that, for example, in the housing market and you see different dynamics going on. For example, within consumer expenditure, you see a shift from goods to services. And we’re seeing some resilience in places that you wouldn’t necessarily expect. For example, on the labor market side, where, even as you’re seeing some reduction in the overall pace of hiring, you’re still — we’re still operating at historically strong levels. So, really, what we’re seeing is that transition and what we’re keeping a close eye on is both the pace of that transition and what the impact is for typical working families as we navigate through this transition.”

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