WH team brace for 20% to 25% unemployment in May or June

[Demovictory9]

https://www.bloomberg.com/news/articles/2020-05-10/jobless-rate-may-peak-above-20-white-house-aide-hassett-says

Trump’s Economic Team Braces for Worsening Job Market in May
By Jennifer A Dlouhy, Steve Geimann, and Michael Riley

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The April U.S. jobless rate, released Friday, tripled to 14.7%, the highest since the 1930s. And it’s only set to worsen in May as job cuts spread further into white-collar work.

Unemployment may peak “north of” 20% 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.”

The estimate was “not science as much as arithmetic,” based on the large numbers of people filing initial unemployment claims at the moment, said Hassett, a former chairman of the Council of Economic Advisers who returned to the White House to consult on virus-related matters.

Treasury Secretary Steven Mnuchin conceded on “Fox News Sunday” that the real unemployment rate could already be closer to 25%, based on 7 million additional workers who have lost jobs since the April monthly figures were compiled, and those who’ve stopped looking for work.

[sakabatou]

1. So they're expecting Great Depression?

[uponit7771]

4. Worse, it took two years to get to 12% unemployment after 29 crash

[uponit7771]

3. Without testing there is no come back