Treasury Secretary Steve Mnuchin offered a more optimistic assessment, saying that the economy would 'really bounce back in July and August.'
"That actually provides some hope that as the economy opens up in pieces and safely, you'll see that consumer spending continue to grow, which will help fuel the U.S. economy," Moynihan said. He suggested that the efforts from Congress to shore-up unemployment benefits, provide stimulus checks to most Americns, and offer assistance to struggling businesses appears to have had a positive impact.
"I think as we begin to reopen the economy in May and June, you're going to see the economy really bounce back in July and August, September," Mnuchin said. He noted that the government has already put an"unprecedented amount of fiscal relief into the economy."Eduardo MunozAlvarez/VIEWpress/Getty But an economic analysis from the Congressional Budget Office , which was published on Friday, suggested that unemployment could remain close to 10 percent by the end of 2021. The report projected that unemployment is currently close to 14 percent and will rise to 16 percent.
To put that in perspective, during the peak of the Great Recession, unemployment rose to a high of 9.9 percent in 2009. Other economic experts have projected that unemployment could rise substantially higher, with some even suggesting it could hit 30 percent. The highest level of unemployment recorded in U.S. history came during the Great Depression, when it rose to 24.9 percent in 1933.
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