The April jobs report could show an unemployment rate of around 19%, White House Council of Economic Advisers Chairman Kevin Hassett told Fox News on Thursday.
“The economy could potentially be turned right back on if coronavirus is under control soon,” Hassett added. “If states can get back to normal relatively quickly might not be much need for another coronavirus relief bill.”
Hassett further noted that he expects the White House to have a plan to help the economy if it does not snap back.
Market reaction
Wall Street’s main indexes remain under pressure following these comments. At the moment, the Dow Jones Industrial Average and the S&P 500 indexes are down 0.95% and 0.8%, respectively.
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