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US economy risks 'permanent damage' from long lockdowns, Mnuchin warns


Mnuchin’s comments came in a joint appearance before the Senate banking committee with Jerome Powell, the chairman of the Federal Reserve. Appearing via video link, the pair offered a stark assessment of the fragile state of the economy and warned of worse to come. “I think the jobs numbers will be worse before they get better,” Mnuchin said, adding that the overall economy too was likely to weaken in the near term before starting to recover towards the end of the year.

The Guardian - May 20, 2020

View the full story here: https://www.theguardian.com/business/2020/may/19/us-economy-damage-mnuchin-treasury-secretary