Tags: Coronavirus | Trump Administration | larry kudlow | shutdowns | economy

Larry Kudlow: Shutdowns Likely to Happen But Not Nationwide

(AP)

By    |   Thursday, 25 June 2020 10:09 AM

There will likely be "some shutdowns" in some places and with certain stores as coronavirus spikes continue to grow, but that will be a different scenario than country-wide closures, White House National Economic Council Director Larry Kudlow said Thursday. 

"We are keeping a very close eye on this," Kudlow told Fox Business' Maria Bartiromo. "Even with these hotspots now, you are talking Texas, Floria, Arizona, the Carolinas, some difficult points. I must say we are going to have to live with this from time to time, but that is a different matter than the whole country."
But while case rates are rising, fatality rates are going down in several states, he added. 

"The health experts are not telling us there is a second wave," said Kudlow. "We have the tools to deal with this much more expeditiously than we had two or three months ago."

Meanwhile, Kudlow said he is still predicting a "strong V" recovery for the economy, and noted that unemployment claims reports released Thursday show that claims have been down for 12 straight weeks, which is a "very good leading indicator of what the jobs' report is going to be...those fell by 767,000. So on those two points, I think the strong V recovery is still there.

The Labor Department reported Thursday that initial claims for state unemployment benefits totaled a seasonally adjusted 1.480 million for the week ended June 20, down from 1.540 million in the prior week. 

"A whole variety of indicator jobs and employment retail sales is a blowout," said Kudlow. "I think you can see the V right now . . . I hope for something like 5% in the first quarter of next year. That would get us back to the peak of the economy in late 2019. It won't take five or six years, according to estimates."

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There likely will be "some shutdowns" in some places and with certain stores as coronavirus spikes continue to grow, but that will be a different scenario than country-wide closures, White House National Economic Council Director Larry Kudlow said Thursday. 
larry kudlow, shutdowns, economy
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2020-09-25
Thursday, 25 June 2020 10:09 AM
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