White House Economic Advisor Kevin Hassett Expects US Unemployment Rate Will Move Toward Great Depression

On Tuesday, White House economic adviser Kevin Hassett said that he expects the U.S. unemployment rate was above 16% in April, as the coronavirus pandemic started to harm the country’s economy.

Financial experts surveyed show that the last month’s unemployment rate was 16% and that more than 20 million jobs were lost.

But economists at the Federal Reserve Bank of Chicago are saying that the true rate could be between 25.1% and 4.6%.

Hassett said he had expected the rate would hit 20% in June yet after 30 million individuals filed for jobless advantages a month ago he started to anticipate a higher rate in April.