Kudlow: Despite ‘Heartbreaking’ Jobs Report, Expect Growth Next Quarter
May 8, 2020
1,273
15
6
1.65%
Search the Record
IndexedEvery word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
Bloomberg News Episodes Around May 8, 2020
See what was published immediately before and after this episode.
0:43Now PlayingKudlow: Despite ‘Heartbreaking’ Jobs Report, Expect Growth Next Quarter
YouTube Description
as posted by the channelLarry Kudlow, a top economic aide to President Donald Trump said "these are heartbreaking numbers," after the Labor Department reported the U.S. unemployment rate hit 14.7% in April, the highest rate since the Great Depression.
"I would expect the numbers for May will be difficult. I expect that."
Kudlow advises the president as the director of the National Economic Council.
The economic numbers are devastating and show that 20.5 million jobs vanished in the worst monthly loss on record. The figures are stark evidence of the damage the coronavirus has done to a now-shattered economy.
The losses reflect what has become a severe recession caused by sudden business shutdowns in nearly every industry. Nearly all the job growth achieved during the 11-year recovery from the Great Recession has now been lost in one month.
The report indicated that a clear majority of April's job losses — roughly 75% — are considered temporary, a result of businesses that were forced to suddenly close but hope to reopen and recall their laid-off workers.
"That doesn't lessen the hardship, by the way, said Kudlow.
"But it does suggest that things like the payroll protection program, and the unemployment insurance, and the economic impact checks and other things, has had some cushioning effect."
Whether most of those workers can return to their jobs anytime soon, though, will be determined by how well policymakers, businesses and the public manage their response to the public health crisis.
The collapse of the job market has occurred with stunning speed. As recently as February, the unemployment rate was a five-decade low of 3.5%, and employers had added jobs for a record 113 months. In March, the unemployment rate was just 4.4%
Subscribe to our YouTube channel
QUICKTAKE ON SOCIAL:
Follow QuickTake on Twitter: twitter.com/quicktake
Like QuickTake on Facebook: facebook.com/quicktake
Follow QuickTake on Instagram: instagram.com/quicktake
Subscribe to our newsletter
Email us at quicktakenews@gmail.com
QuickTake by Bloomberg is a global news network delivering up-to-the-minute analysis on the biggest news, trends and ideas for a new generation of leaders.
Links & Promotions
Guests & Subjects Covered
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.