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

Stock MarketsJun 29, 2020 04:40PM ET
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© 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.

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

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

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Comments (4)
Kelly Mayer
Kelly Mayer Jun 29, 2020 9:14PM ET
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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.
Jeremy Williams
Jeremy Williams Jun 29, 2020 5:20PM ET
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Yea right! Good luck with that. When this is all said and done we will be laughing at the thought of a V
Jason Zou
Jason Zou Jun 29, 2020 5:04PM ET
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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?
Keng He
Keng He Jun 29, 2020 4:56PM ET
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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.
 
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