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

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11 mins ago - Technology

What a President Biden would mean for tech

Illustration: Eniola Odetunde/Axios

A Biden presidency would put the tech industry on stabler ground than it's had with President Trump. Although Biden is unlikely to rein in those Democrats who are itching to regulate the big platforms, he'll almost certainly have other, bigger priorities.

The big picture: Liberal Silicon Valley remains one of Democrats' most reliable sources for big-money donations. But a Biden win offers no guarantee that tech will be able to renew the cozy relationship it had with the Obama White House.

Virtual school is another setback for struggling retail industry

Illustration: Annelise Capossela/Axios

A virtual school year will likely push retailers even closer to the brink.

Why it matters: Back-to-school season is the second-biggest revenue generating period for the retail sector, after the holidays. But retailers say typical shopping sprees will be smaller with students learning at home — another setback for their industry, which has seen a slew of store closures and bankruptcy filings since the pandemic hit.

1 hour ago - Health

The pandemic hasn't hampered the health care industry

Illustration: Rebecca Zisser/Axios

The economy has been tanking. Coronavirus infections and deaths have been rising. And the health care industry is as rich as ever.

The big picture: Second-quarter results are still pouring in, but so far, a vast majority of health care companies are reporting profits that many people assumed would not have been possible as the pandemic raged on.