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

Economic Indicators May 10, 2020 10:45AM ET
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2/2 © Reuters. FILE PHOTO: Treasury Secretary Steven Mnuchin speaks during the daily coronavirus task force briefing at the White House in Washington 2/2

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.

U.S. unemployment rate will get worse, Treasury's Mnuchin says
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Comments (17)
Fabio Frota
Fabio Frota May 10, 2020 8:41PM ET
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it is 20% now... no easy way out, lower death rate and lower jobs or quick recovery and jobs back quicker
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pradeep kumsr
pradeep kumsr May 10, 2020 5:32PM ET
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in delivery.the government can find samll job preparation make??
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pradeep kumsr
pradeep kumsr May 10, 2020 5:31PM ET
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In distributed. The government can look for jobs
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Muhamed Jaffir
Muhamed Jaffir May 10, 2020 2:30PM ET
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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.
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Mart Bab
Rubberduck1973 May 10, 2020 2:27PM ET
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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.
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Mr Hans
Mr Hans May 10, 2020 2:18PM ET
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ironic, that there is plenty of help to federal goverment that is "poorly" managed. No problem - just print their way out
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Yusuf Pamukcu
Yusuf Pamukcu May 10, 2020 2:17PM ET
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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.
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David Johnson
David Johnson May 10, 2020 2:02PM ET
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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.
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David Johnson
David Johnson May 10, 2020 2:02PM ET
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it is like studying china! where is the market economy anyway.
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Alejandro Rosario
Alejandro Rosario May 10, 2020 1:55PM ET
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So - more stimulus. Awesome. Ill buy more. Stocks are super cheap.
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George Vincent
George Vincent May 10, 2020 1:45PM ET
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Crash and burn. Ouch
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