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U.S. unemployment rate will get worse, Treasury's Mnuchin says

Published 05/10/2020, 10:26 AM
Updated 05/10/2020, 10:45 AM
© Reuters. FILE PHOTO: Treasury Secretary Steven Mnuchin speaks during the daily coronavirus task force briefing at the White House in Washington

WASHINGTON (Reuters) - The staggering U.S. unemployment rate reported by the government on Friday amid coronavirus lockdowns may get even worse, Treasury Secretary Steven Mnuchin said on Sunday.

"The reported numbers are probably going to get worse before they get better," Mnuchin told the Fox News Sunday program.

The unemployment rate surged to 14.7% in April, the Department of Labor reported.

That shattered the post-World War Two record of 10.8% touched in November 1982.

Mnuchin indicated the White House was talking about more fiscal measures to ease the economic pain from the pandemic. But, Mnuchin said the federal government did not want to bail out states that were "poorly" managed.

The White House is pushing for a payroll tax cut, he added.

Latest comments

it is 20% now... no easy way out, lower death rate and lower jobs or quick recovery and jobs back quicker
in delivery.the government can find samll job preparation make??
In distributed. The government can look for jobs
I live in a poorly managed state, I hope they get nothing, high taxes and no foresight. Massive increase in state government jobs under the impression that tax revenue always goes up. I hope they go bankrupt after their bond status goes to junk.
This all is going to get Much wurse. We only have a small window of opportunity to manage the coronavirus treat well. Doesn’t seem we are doing that well. Still a lot of non information and politics. The FED already sank rates. Private persons therefore bring their savings into equity. This once savings get wipeout with a crash, that is almost inevitable considering the handling of the coronavirus by major countries like the US. Not only will we have a depression. We will have a depression with no QE capability, no tax relaxation capability and no private money. People who could have taken care of them selves will be poor again. The world will end in plunder. The dollar will fall. And because China has been vigilant in addressing the corona virus, its currency will be the fiat currency of the new era. Get your game together USA.
ironic, that there is plenty of help to federal goverment that is "poorly" managed. No problem - just print their way out
Be ready for market crash this week. BTC, oil, gold, gbp, eur, aud, stocks are all set to drop similar the week of march, 23th.
the way FED is giving out bad news might be a siganl. they use a lot of propaganda these days before PPT is moving. I think there will be no more PPT involving and the market will go down.
it is like studying china! where is the market economy anyway.
So - more stimulus. Awesome. Ill buy more. Stocks are super cheap.
Crash and burn. Ouch
This needs to stop. Future generations should not have to carry this burden. This is usury futures
This means stocks will rise much higher because much worse means much higher
but tmrw stonks go up!
Looks like tomorrow gonna be big green.
How about we just get real and acknowledge the “unemployment rate” has stats-gaming criteria that doesnt reflect the actual number of people unemployed (ie, those categorized as ‘not actively seeking employment’. Much more rational estimates say its in the 20-some-odd percent range, RIGHT NOW and heading into the 30s. You cant fix a problem if your understanding of the problem comes from the land of make-believe.
Everybody agrees that it will.
And indices and oil keep pumping :(
since bonds are either near zero or negative in some places. U cant put money in bonds if u want some returns. 401k rule is u have to invest. Gold is near all time high? Where else can u put money into?
on robintrack, oil is the place where most regular people bought last month.
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