White House states US is ‘not in a recession right now’ as inflation woes continue

Responding to a reporter's questions from inside the James S. Brady Press Briefing Room, Biden's press secretary said that the United States is actually on pace towards steady economic growth, not a recession.

"Right now, we don't see a recession...We're not in a recession right now," Jean-Pierre said standing behind the podium.

"We're in a transition where we are going to go into a place of stable and steady growth," she claimed, despite reports stating otherwise.

Deutsche Bank was the first to warn of the United States rapid economic decline in April, predicting that a looming recession is inevitable by 2023. Many other Wall Street analysts jumped on board with the predictions after the Federal Reserve raised interest rates by 75 basis points last week, the biggest hike since 1994, according to Business Insider.

"More than two months ago, we forecasted that the US economy would tip into a recession by end-2023," US economist Matthew Luzzetti said in a statement, a spokesman for Deutsche Bank, according to the outlet.

"Since that time, the Fed has undertaken a more aggressive hiking path, financial conditions have tightened sharply, and economic data are beginning to show clear signs of slowing," Luzzetti explained. "In response to these developments, we now expect an earlier and somewhat more severe recession."

Wall Street predicts that as the United States economy slows, so will unemployment, expecting the rate to reach 5.5 percent in 2024, a sharp increase from the current rate of 3.6 percent, Business Insider reports.