Trump Sees Unemployment Rate Worse Than 10% Until September

(Bloomberg) -- President Donald Trump said he doesn’t see the U.S. unemployment dropping below 10% by September, two months before Election Day.

Trump said in an interview with Fox Business that the economy, which has been crippled by fallout from the coronavirus, “will transition” in the third quarter and that the U.S. is “going to be strong again” next year.

U.S. payrolls plunged by 20.5 million in April, pushing the unemployment rate to its highest since just after the Great Depression.

The jobless rate -- which was at a 50-year low just a few months ago -- more than tripled to 14.7% from 4.4% a month earlier, according to a Labor Department report last week.

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