that prompted the white house to go into a spin overdrive like this. you would be amazed if they would declare this period to be a recession, even if two quarters of negative growth. we have a strong labor market and we are creating one of those jobs that is not a recession. i think probably. there is so much out of our control to read what inflation is being a global problem. brian: in fact, the gas prices coming down in the summer is extraordinarily rare. that is not something we see very often pure they follow every single day since started. that is progress but not enough and we need to keep working on this. we begin with gillian turner reporting live from the white house, good morning. good morning to you julie and bill. we did not see him at all over the weekend and we will not see him in person before wednesday. his position wrote in the letter, this just in and we will hear direct from the white house the covid coordinator this afternoon and we will get some
administration down playing the recession call. there s semantics. what is a recession, how do you technically define it. no matter what, there s widespread agreement no matter who you talk to. that is that economic growth is slowing. the treasury secretary, janet yellen acknowledges as much. but then she maintains that that does not mean a recession is inevitable. this is not in an economy that is in recession. but we re in a period of transition in which growth is slowing. and that s necessary and appropriate. we need to be growing at a steady and sustainable pace. yellen says the job market is still strong. she says a recession would have to be a broad-based economic contraction. consumers are still spending. household balance sheets are still in good shape. all of that said, the economy did contract the first quarter. economists think at beast we ll see slow growth when the numbers release thursday. the white house insists even if that number does go negative and some
nation is officially in a recession. something many experts have predicted was coming. john roberts in washington. happy monday to you. sandra: i heard booming thunder here in new york city as a storm rolls in. welcome, everyone. i m sandra smith in new york, this is america reports. it has now been four days since the president s positive covid test. his doctors say he s doing well and symptoms are almost completely gone. all of this as the white house and president biden s team prepares for another fight. an efforts to redefine what actually constitutes a recession. john: treasury secretary janet yellen says a second quarter of negative growth in the g.d.p. will not indicate recession but does admit the economy is slowing. josh is here on this, and more noise about biden s 2024 candidacy, that s coming up in moments. sandra: peter doocy at the white house, what do officials expect from this week? are we in a recession or not? peter: sounds like, sandra, they are
casey stegall is live in dallas. casey, every year this time of year the system gets stressed and this year is proving no different. and casey can t hear me. casey, are you there? i can hear you. oh, you can hear me, good. john, sorry, some i.f.b. issues. but north american electric reliability council, it oversees a lot of the public utilities and their grids and that agency warns that over half of the united states is at an elevated risk for these blackouts. there s no question that extreme weather events are creating greater demand for electricity in this country, primarily through air-conditioning load. jim mathison is a former utah congressman and current energy cooperative executive. you ve got this circumstance where reliability is put into
and gets worse depending where you are. it could get much worse in the northwest part of the country later this week. but for now, it s testing a lot of utilities. of course, texas very familiar with that. right now the latest there in dallas from casey stegall. casey? hi, neil. 107 is the heat index currently. i just looked at my phone. the north american electric reliability corporation or nerc warns that over half of the united states is now at elevated or high risk for these service blackouts. there s no question that extreme weather events are creating greater demand for electricity in this country primarily through air conditioning load. a former energy cooperative executive.