Fed's Powell Says US Is Not Currently in Recession

The transcript discusses the current state of the U.S. economy, focusing on the labor market's strength. Despite slowing growth, the labor market remains robust, with high payroll job numbers and low unemployment rates. These indicators suggest that the economy is not in a recession, contrary to some beliefs.

What was the growth rate of the economy last year as mentioned in the text?

What does the text suggest about the relationship between the labor market and the economy being in recession?