'US economy still strong; recession a concern'

WASHINGTON, D.C.: The American economy remains strong, a White House economist asserted on Tuesday (Wednesday in Manila) while acknowledging that United States President Joe Biden's team is concerned about a possible recession.

With inflation soaring at its fastest pace in more than four decades, sending prices for gas and housing rocketing, Americans are feeling the pain, and the Federal Reserve (Fed) is cranking up interest rates to try to cool the economy, fueling fears of a sharp downturn.