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America's unemployment rate may hit 23%, Trump adviser says

Kevin Hassett, senior economic adviser to President Trump, tells CNN's Poppy Harlow that China's proposed national security law will be "very costly to China and the people of Hong Kong."

Posted: May 23, 2020 1:41 PM
Updated: May 23, 2020 1:41 PM

The worst could be over for the United States economy in about a month, according to a top adviser to President Trump. But the worst is going to be ugly.

Kevin Hassett, a senior White House economic adviser, told CNN's Poppy Harlow Friday morning that he thinks the unemployment rate, which hit 14.7% in April, may rise to 22% to 23% by May and edge up a bit in June before heading lower.

"June will be higher," Hassett said. "That will be the turning point."

He predicted that Congress and President Trump will agree on a so-called "fourth wave" of economic stimulus "sooner rather than later."

That would add to the trillions of dollars already set aside by lawmakers as well as the Federal Reserve in order to assist consumers, businesses and local governments struggling due to the Covid-19 pandemic.

Hassett added that now he believes many unemployed and furloughed workers might return to the labor force more quickly than he previously expected. He credited the quick response from politicians and the Fed.

"This was the biggest negative shock ever, but we also had the biggest policy response ever," Hassett told Harlow.

Stocks have surged since mid-March on hopes of a rapid rebound for the economy. But many experts are skeptical that a so-called V-shaped recovery will materialize.

Earnings estimates for Corporate America continue to plunge, and it's unclear how much profits will bounce back in 2021.

Renewed worries about US-China trade tensions and strict new security laws in Hong Kong also may the market and economy too. The Senate wants to crack down on publicly traded Chinese companies listed in the United States that don't agree to open their books for accounting reviews.

"China is getting close scrutiny and we are considering all options," Hassett said. "We are not going to give China a pass."

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 50300

Reported Deaths: 2748
CountyConfirmedDeaths
Marion11920692
Lake5432248
Elkhart347058
Allen2902133
St. Joseph205169
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Hendricks1446100
Johnson1325118
Porter80238
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Clark68144
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Madison67264
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Howard59458
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Monroe32928
Grant30926
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Clinton2893
White26810
Decatur25532
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Warrick24329
Harrison21722
Greene19332
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Ripley1277
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Fountain352
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Martin240
Parke230
Ohio220
Vermillion200
Warren151
Union130
Pike110
Unassigned0193

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 62856

Reported Deaths: 3032
CountyConfirmedDeaths
Franklin11433443
Cuyahoga8786393
Hamilton6563207
Lucas2889305
Marion274039
Montgomery237835
Summit2299209
Pickaway221641
Mahoning1907239
Butler176747
Columbiana135060
Stark1196114
Lorain109769
Trumbull103277
Warren94525
Clark79310
Delaware67515
Fairfield64317
Tuscarawas60110
Lake57022
Belmont56722
Medina56632
Licking56012
Miami50331
Portage48759
Wood47451
Clermont4537
Ashtabula44544
Geauga42543
Wayne37253
Richland3635
Allen34841
Greene3229
Mercer29510
Erie26722
Holmes2575
Darke25326
Huron2382
Madison2139
Ottawa16624
Sandusky15715
Washington14420
Coshocton1413
Ross1393
Crawford1385
Putnam13415
Hardin12312
Morrow1211
Athens1111
Auglaize1094
Jefferson1052
Muskingum961
Union931
Monroe8917
Hancock851
Lawrence820
Preble821
Hocking809
Clinton791
Guernsey793
Shelby744
Williams742
Logan681
Fulton660
Scioto650
Carroll643
Ashland632
Wyandot625
Brown601
Fayette550
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Knox531
Champaign511
Highland491
Van Wert451
Perry411
Seneca402
Henry330
Paulding280
Jackson270
Pike270
Adams251
Vinton232
Gallia201
Noble130
Harrison121
Meigs120
Morgan120
Unassigned00
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