White House economic adviser Kevin Hassett says Q2 GDP will be the 'biggest negative number since the great depression,'
Hassett says that a lot of the unemployment insurance claims occurred after they were included in the survey for official unemployment data, and so "the really bad news that we've been seeing in initial claims will be spread over a couple of months."
He then said that he expects the unemployment rate will be around 16% - 17%, and that the Q2 GDP number will be the "biggest negative number that we've seen since the great depression," which could be in the -20% to -30% range.
"The question is what happens next," Hassett concluded.
“The unemployment rate for the first week of May, we’re going to see a number that’s going to be 16, maybe 17% … for second quarter GDP it’s going to be the biggest negative number that we've seen since the Great Depression,” says Kevin Hassett, Senior Advisor to the President. pic.twitter.com/J3i4CKTMF8— Squawk Box (@SquawkCNBC) April 27, 2020