U.S. unemployment rate will approach Great Depression; says White House economic advisor

The U.S. unemployment rate could hit levels not seen since the Great Depression, White House economic advisor Kevin Hassett warned on Sunday.

Hassett said the U.S. economy contracts dramatically while businesses in most parts of the country remain shuttered due to the coronavirus pandemic.

Speaking to reporters on the White House lawn on Sunday morning, the White House official said the U.S. unemployment rate could record 16 percent, adding that “the next couple of months are going to be terrible” for economic data.

“We see an unemployment rate that approaches rates we saw during the Great Depression,” Hassett told ABC News.

“During the Great Recession we lost 8.7 million jobs in the whole thing. Now we’re losing that many every 10 days, so the lift for economic-policy makers is an extraordinary one.”