White House economic adviser Kevin Hassett believes the unemployment rate could rise above 20% and the worst job losses would come in "May or June" because of the ongoing coronavirus pandemic.
When asked Sunday what the "bottom" of the country's unemployment pain would be, Hassett, who advises the Trump administration on economic policy and is the former chair of the Council of Economic Advisers, told CBS's "Face the Nation," "to get unemployment rates like the ones that we're about to see ... which I think will climb up toward 20% by next month, you have to really go back to the Great Depression to see that."
When asked about the "low point" in the unemployment rate, he said: "I'm looking for rates north of 20, sadly."
land . lost 20.5 million jobs in April, and the unemployment rate rose to 14.7%, both record-high numbers as the nation felt the economic effects of the coronavirus. Social distancing measures have forced the closures of businesses across the country, leading to employee layoffs and furloughs.