Former Treasury Secretary Larry Summers worries the combination of low unemployment and high inflation, means a recession is almost certain.
On one hand, the labor market is booming. The latest jobs report shows the unemployment rate stayed at 3.6% in May, that's a near-historic low.
Sunday on ABC, Transportation Secretary Pete Buttigieg said the Biden administration is working to strengthen the supply chain and increase capacity amid steep inflation. Recession fears loom as well. Former Democratic Treasury Secretary Larry Summers worries the combination of low unemployment and high inflation, means a recession is almost certain within the next two years.
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