Darman Dates Recovery to May
The economy began to recover from recession in May, but not as vigorously as the Bush Administration wants, White House Budget Director Richard Darman said Sunday.
“I think the economy turned in May,” Darman said on ABC television’s “This Week with David Brinkley,” citing increased housing starts and industrial production as evidence that the economy is continuing to grow.
“But the question is whether it’s going to stay up and whether it’s going to come up strongly,” Darman said. “I think it will stay up. It’s not coming up as strongly as we would want.”
Weak consumer spending is one reason for the recovery’s lag, he said.
As a gradual recovery continues through 1992, confidence should pick up and encourage more spending, he added.
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