Early Friday, the US jobs report for April will be released, it is expected to reflect a record-setting unemployment rate of 16%, but Labor Secretary Eugene Scalia said Tuesday he has “reason for confidence” that the economy will rebound quickly from the drastic hit it suffered from the C-19 coronavirus chaos.
“We got to this point by a completely different route than in past economic downturns,” Secretary Scalia he said in a TV interview, pointing out that the losses did not come from any underlying weaknesses, and the nation can/will return to an “extraordinary, unprecedented economy.”
“Public health measures are gradually and thoughtfully being lifted, and that gives me reason for confidence in a rebound different than what we have seen in the past,” Secretary Scalia said.
In addition, President Trump and Congress, through the Paycheck Protection Program (PPP), is helping to keep businesses afloat and workers tied to their jobs.
“There are going to be some challenges, but others are doing great things,” said Secretary Scalia.
PPP has been an “extraordinary success,” said Secretary Scalia, it was designed to protect paychecks and jobs.
The US Treasury and Fed have other programs that will help small businesses, said Secretary Scalia.
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