White House Economic Advisor: "Double-Digit Unemployment Rate Expected in November"

[Asia Economy New York=Correspondent Baek Jong-min] Kevin Hassett, Senior Economic Advisor to the White House, predicted that the U.S. unemployment rate, related to the COVID-19 pandemic, peaked in the 20% range during May and June and could remain in double digits even in November when the presidential election takes place.

In an interview on the 24th (local time) with CNN's 'State of the Union,' Advisor Hassett said, "We will see more bad (unemployment) data." He forecasted that the May unemployment rate could reach 22-23%, exceeding 20%. The U.S. unemployment rate surged from 4.4% in the previous month to 14.7% in April.

He expected the unemployment rate might rise slightly in June compared to May but anticipated a downward trend afterward. Since the unemployment rate is a lagging indicator of the economy, this suggested that business activities are moving toward recovery.

When asked by the host whether the unemployment rate could still be in double digits in November during the U.S. presidential election, Hassett replied, "Yes."

He said that full employment would not return by September or October but added, "If a vaccine is developed, the situation could change."

Regarding the U.S. economic outlook, Hassett predicted a rebound in the third quarter and said, "President Donald Trump is reviewing all options related to economic stimulus measures."