Treasury Secretary Yellen said the U.S. economy was transitioning to ‘steady, sustainable’ growth.

President Biden and Treasury Secretary Janet L. Yellen on Thursday dismissed questions about whether the U.S. economy was already in a recession, pointing to the strong labor market and other metrics as signs of its health.

Ms. Yellen, speaking at a news conference at the Treasury Department, said that she did not believe the U.S. was in a recession, arguing that the labor market and household balance sheets remain strong despite slowing…