Asked about Kudlow's mea culpa, Yellen says the economy is 'going in the right direction'

Treasury Secretary Janet Yellen was asked on Tuesday about recent comments by Larry Kudlow, Trump's former top economic adviser, in which she admitted that she and other forecasters were wrong about the US economy heading for recession.

Rep. Emanuel Cleaver (D-Mo.) asked Yellen about Kudlow's comments on Fox News earlier this month during a hearing before the House Financial Services Committee.

„Do you agree with Mr. Kudlow that the US economy is headed in the right direction?” Cleaver asked.

„I absolutely believe it's going in the right direction,” Yellen responded. „Our growth is very strong. The labor market is at least as strong as it was before the pandemic. It's been 50 years since we've had unemployment below 4 percent. And job creation is absolutely strong.

Kudlow served as director of the National Economic Council under former President Trump. said on Fox News Earlier this month he said he was „wrong about the recession and recession”.

„So was the whole prophecy fraternity,” he added. „Everybody makes mistakes.”

The U.S. economy added 353,000 jobs in January and the unemployment rate was 3.7 percent, according to data released by the Labor Department on Friday.

The January jobs report added 185,000 jobs and exceeded the 3.8 percent unemployment rate expected by economists polled by the Wall Street Journal.

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