Janet Yellen: 'You don't have a recession' when U.S. unemployment at 53-year low

U.S. Treasury Secretary Janet Yellen on Monday said she saw a path for avoiding a U.S. recession, with inflation coming down significantly and the economy remaining strong, given the strength of the U.S. labor market.

"You don't have a recession when you have 500,000 jobs and the lowest unemployment rate in more than 50 years," Yellen told ABC's Good Morning America program.

Yellen said inflation remained too high, but it had been falling for the past six months and could decline significantly given measures adopted by the Biden administration, including steps to reduce the cost of gasoline and prescription drugs.