Alex Wong/Getty Images
Senior White House economic adviser Kevin Hassett said US unemployment rates are likely to spike in June at “north of 20%” and could still be in the double digits through November.
“If there were a vaccine in July, then I’d be way more optimistic about it,” Hassett said on CNN’s “State of the Union,” referencing how consumer activity and markets have been shaken by the novel coronavirus.
November coincides with the US general election, and high unemployment rates could spell trouble for President Donald Trump as he was banking on a strong economy to help his reelection campaign.
Visit Business Insider’s homepage for more stories.
Senior White House economic adviser Kevin Hassett said that unemployment rates sparked by the novel coronavirus pandemic will start to trend downward in June, but could still be in double-digits this fall.
Hassett said on CNN’s “State of the Union” Sunday morning that the US unemployment rate will be higher in June than May before starting to trend down, three months after the coronavirus crisis triggered a record amount of layoffs and furloughs.See the rest of the story at Business Insider
Trump restricts travel from Brazil as coronavirus cases spikeThe coronavirus triggered ‘sudden and devastating unemployment’ among nannies, most of whom are women of color and their families’ primary wage earners‘The governor is a servant of the state. I am a servant of God’: 3 pastors defend why they’re leading the charge to reopen churches
Read more: feedproxy.google.com