Economic optimism is ahead, but just not quite in the coming month or even the second quarter, according to White House economic adviser Larry Kudlow.
"I don't think the numbers are going to turn up for the next few weeks – for May, the job numbers are going to be very difficult," Kudlow told Jeanine Pirro of Fox News' "Justice w/Judge Jeanine" on Saturday night. "I don't want to forecast it, but that's what I think."
Kudlow told Pirro, there will be a waiting period as the Reopening America Again plans unfold around the U.S.
"I think you have to wait, Jeanine, really until we cross the bridge, get the economy safely reopened, and then we'll see a lot of economic improvement in the second half of this year," Kudlow added.
Kudlow estimated the multiple moves by the Trump administration and Congress have poured $9 trillion into the economy to keep it afloat – "to bridge it, to stabilize it" – amid what Kudlow calls a "pandemic contraction."
"Unfortunately, you can't do everything, so these numbers are going to be very poor, but I would not lose hope, because I do think at the back end of the year, we're going to see a rebound," he added.
Striking a more optimistic cord, Kudlow noted – of the 20 million jobs lost amid the pandemic, as reported in Friday's jobs report – "80% were furloughs, they were temporary layoffs."
"So, we have on the one side a safe opening, and on the other side, hopefully an economic comeback," Kudlow said, pointing to economic forecasters and the Congressional Budget Office predicting a "20% rebound" in the second half.
"There's a tremendous pent-up purchasing power," Kudlow said in answer to the potential fears of a coronavirus comeback in the fall, when the economy just might have been ready to soar again. "I mean, the savings rate is 13%; that's unheard of."
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