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The US economy is doing well despite issues, COVID-19 hotspots and the backsliding on the reopening, White House economic adviser Larry Kudlow said on Thursday.

Key takeaways

“Restraint on the economy from flare-ups of COVID was low and we may be bouncing back.”

“The threat is not over but numbers are turning a little bit in our favour with fatalities levelling off.”

“Trump administration is a very strong proponent of getting schools open for economic reasons, social reasons and education reasons.”

“We saw economic rebound beginning in May, there is a housing boom, a truckers boom and small businesses reopening.”

“Stock markets are very strong and jobs numbers are good after three blockbuster months.”

“Unemployment rate will come down to the single digits maybe in August.”

“We’re developing quite a few therapies and medicines and the vaccine story is moving ahead at breathtaking speed.”

“We are aware there are still 16 million people unemployed so we extended unemployment benefits.”

“States that already contributed $100 for unemployment benefits would be eligible and the program would be retroactive to August 1st.”

Market reaction

The US Dollar Index largely ignored these comments and was last seen losing 0.32% on a daily basis at 93.14.