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White House economic adviser Kevin Hassett said Wednesday that a preliminary report indicating U.S. employers slashed roughly 20 million jobs amid the coronavirus pandemic "might be even a little bit low."
"If you look at the initial claims for unemployment insurance, they are north of 30 million now," Hassett told "Mornings with Maria." "Given the sort of technicalities about when they calculate unemployment rates, then that can help you figure out what jobs numbers are going to look like. 20 million might be even a little bit low."
U.S. COMPANIES CUT 20.2 MILLION JOBS IN APRIL AS CORONAVIRUS DRIVES MASSIVE LAYOFF
Private employers slashed 20.2 million jobs in April as the coronavirus-induced lockdown ravaged the U.S. economy, according to the ADP National Employment Report released Wednesday morning.
A man looks down as he walks by a closed store during the COVID-19 in Chicago, April 30, 2020. (AP Photo/Nam Y. Huh) (Associated Press)
It was the largest decline on record since the survey started in 2002.
"These numbers, bad as they are, would have been a heck of a lot worse probably if you didn't see the [Paycheck Protection Program] loans coming," Hassett said, referring to the program overseen by the Small Business Administration.