The double-digit unemployment rate in the US may persist until the presidential election in early November. This was stated on Thursday by the head of the White House National Economic Council, Lawrence Cadlow, speaking at a video conference organized by the Washington Post.
Cadlow was asked if a double-digit US unemployment rate could be expected on November 3 presidential election day. “I would say that it is possible. This figure may be slightly lower. But then again, if we start from the data of the budget administration of the US Congress, the numbers will be significant, ”the head of the White House National Economic Council answered.
Kadlow on Wednesday cited the data of the US Congressional Budget Office, according to which the country’s GDP will increase by 21.5% in the third quarter. The management expects a third quarter unemployment rate of 15.8%.
Earlier, Jerome Powell, the chairman of the US Federal Reserve System (US Federal Reserve System), which acts as the country’s central bank, said that US GDP in the second quarter of this year could fall by 20-30% due to the consequences of the pandemic, and unemployment could reach 20-25% . The head of the Fed also expressed confidence that over time the economy will recover.
An outbreak caused by a coronavirus infection was recorded at the end of 2019 in Central China and spread to most countries. On March 11, the World Health Organization recognized it as a pandemic. All countries and territories were forced to take various emergency measures of a sanitary and epidemiological nature, which led to a deep international economic crisis. According to the IMF forecast, this year a 3% decline will be recorded in the global economy. Since the beginning of the pandemic, more than 5 million people have been infected with coronavirus in the world, more than 325 thousand have died.