Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Kevin Hassett, a senior economic advisor to President Trump, told CNBC's Squawk Box Monday that the U.S. is likely to experience a GDP decline of between 20% and 30% in the second quarter.
Why it matters: Hassett said the decline, driven by the coronavirus pandemic, will be the "worst since the Great Depression."
What he's saying: "The really bad news we've been seeing in the initial [unemployment] claims will be spread out over a couple of months, but I'm expecting that when we see the unemployment for the first week of May, we're gonna see a number that's maybe 16%, 17%."
- "The question is 'What happens next?' And that's what we're focused on right now in the White House."
The big picture: Around 26.5 million American workers have filed for unemployment benefits in the past five weeks, and unemployment is likely already at Great Depression-era highs.
Go deeper: White House to shift to economic message on coronavirus