Mnuchin: Unemployment Rate Will Likely Get Worse Before It Improves

The transcript discusses the severe job losses in April 2020, with unemployment reaching 14.7%, the highest since World War Two. Leisure and hospitality sectors were hit hardest. Mnuchin suggested the actual unemployment rate might be closer to 25%, comparable to the Great Depression. He emphasized the need for businesses to reopen to avoid permanent economic damage and mentioned potential government measures like a payroll tax cut.

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