Tags: Coronavirus | hassett | jobs | economy

Hassett: Future Coronavirus Relief Will Depend on Jobs Report

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Kevin Hassett (Alex Brandon/AP)

By    |   Monday, 08 June 2020 01:04 PM

The odds of another coronavirus relief package are "really close to 100%," but what it involves will depend on if another strong jobs report comes out next month, White House senior adviser Kevin Hassett said Monday. 

“One of the things that we’ve been saying and that the president’s insisted on is that we watch the economy recover, we see if it surprises us on the upside and if the programs that we have out there work or need to be fixed,” Hassett told CNBC's "Squawk Box." “We had a really good month of jobs numbers, if we get another month like that in June, then I think it would absolutely affect the things that we pursue in July in the phase four deal."

Last Friday, the United States marked its largest month-to-month jobs gains, with the Labor Department reporting that nonfarm payrolls rose in May by 2.5 million and the unemployment rate dropping to 13.3%. Economists had thought that more than 8 million additional jobs had been lost. 

Hassett said that following the shutdowns over the coronavirus pandemic, the economy is "uncharted territory," and with the first three phases of recovery bills, a bridge was built to reopen businesses, including providing Paycheck Protection Program loans to return people to work quickly. 

"I think now the question is do we stay on the other side in the sense that the disease continues to trend down and even though we're opening up, we don't get another outbreak," said Hassett. "I think if that happens, then all of these positive numbers will accelerate."

In addition, Drs. Deborah Birx and Anthony Fauci did a "great job" while giving the nation's governors guidance for getting people back to work, and now it's happening "faster than we expect."

We bought time and another reason for confidence for which I invested Dr. Birx and Fauci did a Meanwhile, there is an" enormous amount" of variation in reopening businesses, ranging from 50% being open in Washington, D.C, versus places like Montana, with almost 100% open. 

"It's not necessarily related to the path of the disease," he said. "I think it's related more to the, say, preferences of the governors and mayors in those places."

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The odds of another coronavirus relief package are "really close to 100%," but what it involves will depend on if another strong jobs report comes out next month, White House senior adviser Kevin Hassett said Monday. 
hassett, jobs, economy
366
2020-04-08
Monday, 08 June 2020 01:04 PM
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