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US Treasury’s Mnuchin says unemployment rate will get worse

According to Treasury Secretary Steven Mnuchin, the shocking US unemployment rate reported by the government amid coronavirus lockdowns may get even worse.

“Certainly, the recorded figures will get worse before they get better,” Mnuchin told Fox News.

In April, the unemployment rate increased to 14.7%, the Labor Department reported.

That shattered the 10.8% record of the post-World War Two in November 1982.

Mnuchin suggested that the White House was considering further monetary steps to mitigate the pandemic economic suffering. But, Mnuchin said the federal government did not want to bail out states that had been managed “poorly.”

He added that the White House is calling for a reduction in payroll taxes.

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