'Let's hope that this thing bottomed way in April and we're headed towards a terrific recovery in the second half of the year,' NEC Director Larry Kudlow told CNBC.
Larry Kudlow, director of the National Economic Council, told CNBC on Wednesday that the U.S. economy appears to have reached its lowest point due to the coronavirus.
"We still have a lot of hardship, and we have a lot of heartbreak in many areas. The numbers are still way too high on the unemployment and so forth," Kudlow said onKudlow's comments came after last week's May jobs report showedwhen many economists had expected another dramatic decrease. The U.S. unemployment rate declined to 13.3%, from April's 14.7%.
Kudlow said the small-business-focused Paycheck Protection Program "led directly" to May's improved job landscape and argued additional people will be added back to payrolls in June as states further ease coronavirus-related restrictions on businesses. "Let's hope that this thing bottomed way in April and we're headed towards a terrific recovery in the second half of the year," said Kudlow, while also pointing to
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