White House economic adviser Kevin Hassett said on CBS News' "Face the Nation" on Sunday that he believes the unemployment rate will surpass 20% and peak in May or June.

Why it matters: With April's jobs report showing a catastrophic 14.7% unemployment rate, this is the "biggest negative shock to the jobs market that we've seen since World War II," Hassett said.

  • The unemployment numbers are even worse in Hispanic and black communities, which had previously been experiencing record-low unemployment rates.

Yes, but: Hassett noted that while unemployment numbers match Great Depression levels, the driving forces are different.

  • "There are a lot of economic differences between right now and the Great Depression. Here we understand why the economy is slowing down, and we expect that we can reverse it, whereas in the Depression there were a lot of other things, a lot of policy errors and so on that made the whole thing drag out."
  • Hassett pointed out that the nonpartisan Congressional Budget Office forecasts that there will be a recovery in the second half of the year, a view that he says the Trump administration shares.

Go deeper: Unemployment rate soars to 14.7% in April

Go deeper

The statistics crisis

Illustration: Aïda Amer/Axios

If you don't know how broken something is, you're not going to be able to fix it. That's the crisis facing policymakers trying to repair a devastated economy without knowing the true degree to which the pandemic has hurt the country.

Why it matters: Some parts of what ails America, like the nascent mental-health crisis, are by their nature hard to measure. But other aspects of the recession, like the unemployment rate or national GDP, are foundational statistics upon which multi-trillion-dollar decisions are made.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 6:30 a.m. ET: 30,199,007 — Total deaths: 946,490— Total recoveries: 20,544, 967Map
  2. U.S.: Total confirmed cases as of 6:30 a.m. ET: 6,675,593 — Total deaths: 197,644 — Total recoveries: 2,540,334 — Total tests: 90,710,730Map
  3. Politics: Former Pence aide says she plans to vote for Joe Biden, accusing Trump of costing lives in his coronavirus response.
  4. Health: Pew: 49% of Americans wouldn't get COVID-19 vaccine if available today Pandemic may cause cancer uptick The risks of moving too fast on a vaccine — COVID-19 racial disparities extend to health coverage losses.
  5. Business: Retail sales return to pre-coronavirus trend.
Mike Allen, author of AM
2 hours ago - Politics & Policy

Scoop: Mike Bloomberg's anti-chaos theory

CNN's Anderson Cooper questions Joe Biden last night at a drive-in town hall in Moosic, Pa., outside Scranton. Photo: CNN

Mike Bloomberg's $100 million Florida blitz begins today and will continue "wall to wall" in all 10 TV markets through Election Day, advisers tell me.

Why it matters: Bloomberg thinks that Joe Biden putting away Florida is the most feasible way to head off the national chaos we could have if the outcome of Trump v. Biden remained uncertain long after Election Day.