Kevin Hassett, senior economic adviser to President Trump, said that the worst is yet to come for unemployment numbers. He expects the unemployment rate to reach a high of 25% in next month’s jobs report.
“If you add the initial claims that have come in after the survey week of the 12th, you're looking at well more than 30 million people that have had their lives really upended by this shutdown,” Hassett told CNN’s Poppy Harlow. “And so I think that already, just looking at the claims we had since they did the survey that the data comes from, we’ve probably added about another 4% or 5% to the unemployment rate. And so probably the next number will be a little bit higher than this.”
The US economy lost 20.5 million jobs in April, with the unemployment rate soaring to 14.7%, according to a report from the Bureau of Labor Statistics released today.
“I think we’re going to enter a transition period this summer, before we have sort of another…re-ignition of the economy, and I think we're not quite in the transition period yet,” Hassett said. The unemployment numbers for African Americans and Hispanic Americans, which are at 16.7% and 18.9% respectively, is “something we're watching very, very closely,” Hassett said.