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Tags: economy | recession | coronavirus

WH Won't Release Midyear Economic Update That Would Document Recession

a man holds a sign protesting a broken unemployment system in florida
Joseph Louis joins others in a protest asking the state of Florida to fix its unemployment system on May 22, 2020 in Miami Beach, Florida.  (Photo by Joe Raedle/Getty Images)

By    |   Thursday, 28 May 2020 06:13 PM EDT

The White House won’t release its official midyear economic update — avoiding going public with data documenting the plunge into recession during the coronavirus pandemic or predicting the economy's future.

Updated information about the budget picture will come out as planned this summer, a senior Trump administration official told the Associated Press on Thursday. 

The Washington Post first reported the White House decision to dispense with the economic data release.

The White House maintains underlying economic data would be too uncertain to convey a meaningful picture about the recovery, an official told AP. A key report on second-quarter economic growth will not come out until after the July 15 deadline for the annual update.

The decision is sure to prompt criticism from Democrats that President Donald Trump, facing difficult reelection prospects, ahead of the Nov. 3 vote.

According to the Wall Street Journal, most economists it surveyed said the economy will likely bottom out in May or June and that growth will remain below pre-pandemic levels for years.

“It’s going to take a while for us to get back,” Federal Reserve Chairman Jerome Powell said in a May 17 interview.

The Fed plans to release updated economic projections following its June 9-10 policy meeting, Vice Chairman Richard Clarida said this week, the Wall Street Journal reported.

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Politics
The White House won't release its official midyear economic update - avoiding going public with data documenting the plunge into recession during the coronavirus pandemic or predicting the economy's future...
economy, recession, coronavirus
216
2020-13-28
Thursday, 28 May 2020 06:13 PM
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