Yellen doesn't expect US recession despite slower growth in China

Treasury Secretary Janet Yellen said Monday she does not expect a recession in the United States despite slower-than-expected economic growth in China. While Yellen acknowledged China's economic problems could also slow growth in other parts of the world, she argued that the strong U.S. labor market suggested the U.S. could avoid a recession. "Many countries do depend on strong Chinese growth to promote growth in their own economies, particularly countries in Asia — and slow growth in China can have some negative spillovers for the United States," Yellen told Bloomberg Television in an interview Monday. "[U.S. economic] growth has slowed,…