UPDATED 5:22 PM PT — Wednesday, June 10, 2020
According to Treasury Secretary Steven Mnuchin, the latest gains in employment and business activity are driving a broader economic resurgence across the U.S. During a Senate hearing this week, the secretary highlighted the latest unemployment report, which showed the U.S. economy added 2.5 million jobs amid its ongoing reopening.
“We remain confident that the overall economy will continue to improve dramatically in the third and fourth quarters of this year,” he said.
The secretary reiterated the impact of COVID lockdowns may be smaller than previously expected. He added President Trump’s relief efforts have helped save American jobs.
“Both the jobs that were saved and the jobs that were hired are, to a large extent, a result of this program,” stated Mnuchin. “Several other indicators show that we are well positioned for a strong, phased reopening of our economy.”
He noted additional stimulus may be necessary to support small businesses specifically, but suggested overall economic fundamentals are looking good.