Economic recovery faces critical few weeks as Congress, states decide on unemployment, schools
collecting the supplemental payment are now earning more now than they did when they worked. Those payments end on July 31.
He forecast 340,000 jobs would be lost a month, and there would be 1.7 million fewer jobs by the end of the year. If the payment was cut in half, the economic hit would be half, he added. Economists now forecast the economy declined by a median 32.5% in the second quarter and will bounce back by 23.5% in the third quarter, according to CNBC/Moody's Analytics Rapid Update.
Treasury Secretary Steven Mnuchin Monday said the focus is on children, jobs and the recovery on the next version of the CARES Act. "We want to make sure that we don't pay people more money to stay home than go to work," said Mnuchin said. "We want to make sure that people who want to go to work can do so safely."
Clifton said he expects votes along partisan lines, before Congress can agree on a package. "It's going to be an ugly process," he said, adding it could run into early August.
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