Coronavirus: Trump's economic team braces for worsening job market in May

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WASHINGTON (BLOOMBERG) - US President Donald Trump's top economic advisers on Sunday (May 10) argued that a 'safe' reopening of the US is the needed urgently as they stare down the worst job numbers since the Great Depression.. Read more at straitstimes.com.

WASHINGTON - US President Donald Trump's top economic advisers on Sunday argued that a"safe" reopening of the US is the needed urgently as they stare down the worst job numbers since the Great Depression.

Unemployment may peak"north of" 20 per cent in May or June before the economy starts to come back from coronavirus-related shutdowns in the second half of 2020, White House adviser Kevin Hassett said on CBS's"Face that Nation." NOT STRUCTURAL "Aren't we talking close to 25 per cent at this point?" Fox correspondent Chris Wallace asked the Treasury chief.

White House economic director Larry Kudlow said on ABC's"This Week" that a"glimmer of hope" in the jobs figures was that about 80 per cent of those tossed out of work were on furloughs or temporary layoffs. Still, May would bring"very difficult numbers," he said. The administration is preparing for either scenario - that"more bridge" will be needed, or that the economy will start to recover more quickly, he said.

"If we go to a Phase 4 deal, I think President Trump has signalled that while he doesn't want to bail out the states," Mr Hassett said on CNN's"State of the Union.""He's willing to help cover some of the unexpected Covid expenses that might have come their way.""Right now, the key is to watch the data and to make sure that the next move is as smart as the previous three," Mr Hassett said.

 

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