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'Worst Ahead': US Treasury Head Expects Further Unemployment Rise

The number of unemployed "will deteriorate before the situation gets better." This was stated by the head of the US Treasury Department Stephen Mnuchin, writes NPR.

Photo: Shutterstock

According to Mnuchin, the anti-job loss record in the country has not yet been broken - the head of the Treasury says that "the numbers are likely to get worse before they get better."

Mnuchin's comments followed a May 8 Labor Department report that said the US lost a staggering 20,5 million jobs in April, bringing the unemployment rate to its highest since the Great Depression of 14,7%.

But even this figure does not account for millions of workers who have stopped looking for work or are considered “part-time”.

When asked by Fox News lead Chris Wallace about whether the country's unemployment rate was really close to 25%, Mnuchin replied, “Could have been.”

"This is not the fault of American business, this is not the fault of American workers, this is the result of the virus," Mnuchin said. "We're going to have a very, very bad second quarter."

On the subject: Hurry: from May 13, the IRS will not accept the details for the direct transfer of quarantine financial assistance

At the end of April, Mnuchin's forecasts were more optimistic - he told Wallace that the economy would resume its work in June and "return to normal" in the summer.

On May 10, the head of the US Treasury Department said that the economy will face "a better third quarter" followed by "a better fourth quarter and next year will be great."

According to Mnuchin, the Trump administration is considering additional incentive measures, including payroll tax cuts.

“We're not going to do something just to bail out states that were poorly managed,” added Mnuchin.

At the same time, he noted that the White House will wait "a few weeks" before considering another bill to provide assistance in connection with the pandemic.

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