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Top Stories
- White House officials have decided they will not release updated economic projections this summer, as part of the “mid-session review” in July or August for the federal budget proposal, according to three people with knowledge of the decision, which budget experts said would be the first time it’s happened since at least the 1970s. The coronavirus is causing extreme economic volatility, making the projections difficult, two White House officials said. (The Washington Post)
- The U.S. economy contracted at a 5 percent annual rate in the first quarter, according to the Commerce Department, a steeper number than was initially estimated. The revised number is the largest decline since the last recession, and most economists expect a deeper decline in the second quarter. (The Wall Street Journal)
- Initial unemployment benefit applications reached 2.1 million last week, a decrease of 323,000 from the previous week’s total, although still high by historical standards. Continuing claims totaled 21.05 million. (CNBC)
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