Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

U.S. still poised for 'V-shaped recovery' despite reopening setbacks: Trump adviser

Published 06/29/2020, 04:12 PM
Updated 06/29/2020, 04:40 PM
© Reuters. FILE PHOTO: Larry Kudlow participates in coronavirus economic "relief update" virtual event at the White House in Washington

© Reuters. FILE PHOTO: Larry Kudlow participates in coronavirus economic "relief update" virtual event at the White House in Washington

WASHINGTON (Reuters) - The U.S. economy still appears headed for a "V-shaped recovery" despite some setbacks in efforts to reopen state economies that had been shuttered for the coronavirus, a top White House adviser said on Monday.

"At the moment, the story looks very good. We're set for a V-shaped recovery," National Economic Council Director Larry Kudlow told CNBC. "Might it change? Yes, it might and we'll be looking very, very carefully at this."

A surge in confirmed coronavirus cases and hospitalizations in a number of Sun Belt states has led a number of them to backtrack on measures to reopen their shuttered economies.

That, in turn, has raised questions about how quickly the national economy might bounce back from its deep coronavirus-related dive.

Kudlow said the administration's main goal was to encourage more hiring, adding that it would likely get behind an effort to put in place a re-employment bonus as Congress considers a further round of coronavirus relief.

That would be in lieu of renewing a $600 supplement to weekly jobless benefits approved by lawmakers in an earlier relief bill. Those supplemental payments are due to end at the end of July.

"Our main goal, hopefully, is to get people to get re-employed," Kudlow said. "We want to give them, perhaps, a boost, a benefit for re-employment and we want them to come back to work."

He said there were numerous anecdotal reports suggesting businesses would find it difficult to attract the workers they need if Congress renewed the supplemental benefits.

© Reuters. FILE PHOTO: Larry Kudlow participates in coronavirus economic

He cautioned, however, that the administration had not made a final decision on its position.

Latest comments

V shaped recovery has already happened. Just check the Dow, S&P 500 or the Nasdaq, and set the charts to 5yrs or more. A nice V shaped recovery displayed at the end.
Yea right! Good luck with that. When this is all said and done we will be laughing at the thought of a V
Man, do everyone a favor, can you get a plain suit on before coming out to work, while nobody really cares what you would say?
it is cheating. they know economy is not good and try to avoid stock down. it is tricky if you see dow jones. there is an invisible handle to control the market as it is down to cross 200 day line.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.