Biden says it's no surprise economy is slowing as Fed fights inflation

President Joe Biden said on Thursday it was no surprise that the U.S. economy was slowing as the Federal Reserve acts to bring down inflation, after data showed the economy contracted again in the second quarter.

But Biden stayed upbeat on the outlook for the economy, saying the job market was historically strong and consumer spending continued to grow.

"We are on the right path and we will come through this transition stronger and more secure," he said in a statement.