Mnuchin Cautions About Rising Unemployment in the US - Forex News by FX Leaders
Mnuchin Cautions About Rising Unemployment in the US

Mnuchin Cautions About Rising Unemployment in the US

Posted Monday, May 11, 2020 by
Arslan Butt • 1 min read

US Treasury Secretary Steven Mnuchin has warned that unemployment levels in the country are set to get even worse in the coming months as a result of the coronavirus pandemic and related shutdowns. According to the NFP report which released late last week, the unemployment rate had soared to a historic high of 14.7% for the month of April.

Mnuchin made these remarks in an interview with Fox News, adding that the numbers could get worse before they get better. April’s figures were the highest seen since after WWII and beat the last high of 10.8% from November 1982.

He also highlighted that the Trump administration is considering unveiling more fiscal stimulus measures to offset the economic impact of the pandemic, including a payroll tax cut. However, Mnuchin also cautioned that states that were suffering because of poor management of the situation may not benefit from these efforts.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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