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White House economic adviser Kevin Hassett said on CNN's "State of the Union" Sunday that it's possible the unemployment rate could still be in double digits by November's election, but "all the signs of economic recovery are going to be raging everywhere" by that time.

The big picture: Hassett said the unemployment rate next month will be "quite a bit higher" than April's rate of 14.7%, and likely "north of 20%." But he projected that June will be an "inflection point" and the unemployment rate will start to "trend down" after that.

  • Hassett noted that consumer hesitation about returning to public spaces, like stores, restaurants and entertainment events, may slow economic recovery even as shops and venues reopen.
  • “You’re going to be starting at a number in the 20s and working your way down," Hassett said. "So of course, you could still not be back to full employment by September or October.”
  • Peak unemployment during the Great Depression hit 25%, according to the best estimates available.

The bottom line: Last month's jobs report was by far the worst report in U.S. history as the economy shed a record 20.5 million jobs because of the coronavirus pandemic. Hassett cautioned that the worst is likely still to come.

Go deeper: Coronavirus is bringing economic suffering across the U.S.

Go deeper

Felix Salmon, author of Capital
Aug 13, 2020 - Economy & Business

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.
15 mins ago - Politics & Policy

Scoop: Hundreds of Biden staffers receive COVID vaccine

Screenshots of an email inviting White House staff to receive the COVID-19 vaccine, obtained by Alayna Treene/Axios

A week into the job, President Biden's White House medical team has administered the coronavirus vaccine to several hundred staffers — and aims to vaccinate all in-person staff over the next few weeks, officials tell Axios.

Why it matters: The new administration is ramping up steps to protect President Biden and all staff working inside the White House complex. The administration is also requiring daily employee COVID tests and N95 masks at all times.

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

The Leon Black clock strikes midnight

Illustration: Sarah Grillo/Axios

Leon Black is "retiring" as CEO of Apollo Global Management, the alternative investment giant he has led since co-founding it in 1990. But he is not making a full break, as Black will remain chair of Apollo's board of directors.

Why it matters: This is the culmination of 18 months of head-in-the-sand obfuscation of Black's dealings with Jeffrey Epstein.