White House adviser: the US unemployment rate will bottom out in May and June

The unemployment rate in the United States against the background of the coronavirus pandemic will reach the bottom in May-June and will be more than 20%, White House economic adviser Kevin Hassett said on Sunday.

“Yes, this is about what we expect (that the unemployment rate will reach the bottom in May-June). I expect it to be more than 20%, unfortunately,” he said on CBS in response to a question.
On Friday, US unemployment data for April showed that it updated the record since 1940 and jumped to 14.7% from March’s 4.4%. The number of jobs in non-agricultural sectors of the economy fell by a record 20.5 million.

The US Department of Labor publishes monthly statistics on the unemployment rate in the country since 1948. Before that, the Agency announced only annual data. According to them, in 1933, during the great depression, unemployment in the United States reached an absolute maximum of 24.9%. If you look at the monthly data of the US Department of Labor since 1948, the maximum unemployment rate in the country was recorded in November and December 1982 – 10.8%.

At the same time, the National Bureau of economic research (NBER) has published monthly statistics since 1929, and according to its data, unemployment in the United States was at 14-15% in May-July 1940. In May 1933, it was 25.6%.

The Ministry of labor publishes monthly statistics on the number of jobs in non-agricultural sectors of the economy since 1939, and the previous record of decline was set in September 1945, when there was a fall of 1.959 million.

The Ministry also reported that hourly wages in the country in April increased by 7.9% year-on-year to $ 30.01. Every month, it increased by $ 1.34.

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