May 8, 2020 / 2:26 PM / 18 days ago

U.S. jobless rate likely to move higher in month ahead: White House adviser

FILE PHOTO: Council of Economic Advisers Chairman Kevin Hassett speaks to reporters at the White House in Washington, U.S., April 1, 2019. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) - The U.S. unemployment rate is likely to move up to around 20% this month from an already historically high 14.7%, a White House adviser said on Friday, adding the economy should transition to stronger footing in the summer.

“I think that again the next one should be around 20,” White House economic adviser Kevin Hassett told CNN after the government reported the jobless rate shattered a post-World War Two record. “I think we’re going to enter a transition period this summer before we have sort of another reignition of the economy.”

Reporting by Tim Ahmann; Editing by Chizu Nomiyama

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