According to Treasury Secretary ‘Steven Mnuchin’ who told Fox News Sunday that – “the reported numbers are likely to urge worse before they recover .”
Mnuchin’s comments followed Friday’s report from Labor Department showing the U.S. lost a staggering 20.5 Million jobs in April that bringing the jobless rate to its highest level since the Great Depression that 14.7%. But even that figure fails to the account for the millions of workers who have stopped searching for the jobs or those considered as ‘underemployed’.
That asked by host Chris Wallace whether the nation’s unemployment rate was close to 25%, Mnuchin responded, ‘we could be’. He said before warning that – “This is not any fault of yank business, this is often no fault of yank workers, this is often a results of an epidemic . You’re going to possess a really , very bad second quarter.”
Mnuchin’s outlook was phenomenal that he told Wallace that the economy would reopen through June and ‘bounce back’ over the summer that of two weeks ago. He said the economy would “have a better third quarter,” worse that also followed by “a better fourth quarter, and next year is going to be a great year.”
The Trump Administration considering additional stimulus measures that include a payroll tax cut, that according to Mnuchin, who also told on Sunday -“We’re not gonna do things just to bail out states that were poorly managed.” But he said the White House would wait a “few weeks” before considering another relief bill.