‘Worse to come’: the head of the US Treasury expects a further growth of unemployment

The number of unemployed people “will get worse before things get better”. This was stated by the head of the Department of the Treasury, USA Steven Mnuchin, writes NPR.

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According to Mnuchin, record job losses in the country still stands — the head of the Treasury States that “the numbers are likely to get worse before they get better”.

Mnuchin comments followed a labor Department report dated may 8, which stated that the United States has lost a staggering 20.5 million jobs in April, bringing the unemployment rate reached its highest level since the great depression and 14.7%.

But even this figure does not include millions of workers who have stopped looking for work or are considered “partially occupied”.

On the issue Fox News host Chris Wallace about whether the unemployment rate in the country was close to 25%, Mnuchin replied: “Could be.”

“It is not the fault of American business, it is not the fault of American workers, it is the result of the virus, said Mnuchin, we will have a very, very bad second quarter”.

At the end of April looks Mnuchin was more optimistic — he told Wallace that the economy will resume its work in June and will “return to normal” in the summer.

On 10 may the head of the Treasury Department of the United States said that the economy is set for “best third quarter and then best fourth quarter and next year will be great”.

According to Mnuchin, administration trump is considering additional stimulus measures, including tax reduction wages.

“We are not going to do something only to have to bail out the States, which is poorly managed,” — said Mnuchin.

However, he noted that the White house will have to wait “several weeks” before considering another bill on assistance in connection with the pandemic.

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