WASHINGTON, July 24 Reuters U.S. Treasury Secretary Janet Yellen said on Sunday that U.S. economic growth is slowing and she acknowledged the risk of a recession, but she said a downturn was not inevitable.

Yellen, speaking on NBC39;s Meet the Press, said strong hiring numbers and consumer spending showed the U.S. economy is not currently in recession.

U.S. hiring remained robust in June, with 372,000 jobs created and the unemployment rate holding at 3.6. It was the fourth straight month of job gains in excess of 350,000.

This is not an economy that is in recession, said Yellen. But were in a period of transition in which growth is slowing and thats necessary and appropriate.

Still, data last week suggested the labor market was softening with new claims for unemployment benefits hitting their highest point in eight months.

Yellen said inflation is way too high and recent Federal Reserve interest rates hikes were helping to bring soaring prices back in check.

In addition, the Biden administration is selling oil from the Strategic Petroleum Reserve, which Yellen said has already helped lower gas prices.

We39;ve seen gas prices just in recent weeks come down by about 50 cents a gallon and there should be more in the pipeline, she said.

Yellen, who previously served as chair of the Federal Reserve, hopes the Fed can cool the economy enough to bring down prices without triggering a broad economic downturn. 

I39;m not saying that we will definitely avoid a…