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Kudlow: Despite ‘Heartbreaking’ Jobs Report, Expect Growth Next Quarter
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May 8, 2020
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0:43Now PlayingLarry 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%
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