In April, the unemployment rate was a record 14.7 percent
The staggering unemployment rate reported by the US government on Friday could rise even further, Treasury Secretary Stephen Mnuchin said Sunday.
“The reported numbers are likely to worsen at first and only then improve,” said Mnuchin, speaking on Fox News.
According to the Ministry of Labor, the unemployment rate rose in April to 14.7 percent.
The indicator broke the post-war record reached in November 1982, when unemployment was 10.8 percent.
Mnuchin made it clear that the White House is discussing additional financial measures to reduce the economic consequences of the pandemic. At the same time, Mnuchin said that the federal government does not want to provide financial assistance to states that are “poorly managed”.
The White House insists on lowering its payroll tax, Mnuchin added.