The unemployment rate could still be above 10% by Election Day, according to White House economic adviser Kevin Hassett.
Shutdowns caused by the coronavirus pandemic triggered the unemployment rate in the United States to skyrocket from 3.5% in February to 14.7% in April. That rate is expected to climb even further throughout the month of May, with some predicting that it could soar above 20%. While many have been optimistic about the speed at which the economy could recover, Hassett told State of the Union on Sunday that employment may be slow to bounce back.
“Yes, unemployment will be something that moves back slower,” he said when asked if there could still be a double-digit unemployment rate by November. “I think it could be better than that. But you’re going to be starting at a number in the 20s and working your way down,” he said. “So, of course, you could still not be back to full employment by September or October.”
Hassett noted that he would be “way more optimistic” about the economic recovery if a vaccine were available in the near future. He noted that the economy can only recover as fast as consumers are willing to return to normal life.
A high unemployment rate on Election Day has typically been bad news for the party in power. Prior to the pandemic, the rock-solid economy was one point of President Trump’s record that his reelection campaign leaned upon when discussing why he should remain in office.
