The unemployment rate could rise above 20% and the worst job losses would come in 'May or June' because of the ongoing coronavirus pandemic, White House economic adviser Kevin Hassett predicted Sunday.
rose to 14.7%, both record-high numbers as the nation felt the economic effects of the coronavirus. Social distancing measures have forced the closures of businesses across the country, leading to employee layoffs and furloughs.
Hassett says the economy would be able to rebound because of the stimulus legislation passed by Congress and actions by the Federal Reserve. And in a Fox News interview on Sunday morning, Treasury Secretary Steven Mnuchin said the"reported numbers are probably going to get worse before they get better, but that’s why we’re focused on rebuilding this economy. We’ll have a better third quarter. We’ll have a better fourth quarter. And next year is going to be a great year."
"Eighty percent of it was furloughs and temporary layoffs," Kudlow said on ABC News' “This Week with George Stephanopoulos." "That, by the way, doesn't assure that you will go back to a job, but it suggests strongly that the cord between the worker and the business is still intact."
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