The White House said the Paycheck Protection Program helped avert a wave of small-business bankruptcies and that 82% of the increase in joblessness is likely to be temporary rather than permanent as a result
WASHINGTON—Four-fifths of the increase in unemployment between February and May was likely temporary, the Trump administration estimated Thursday in a report that said relief spending significantly reduced the economic pain caused by the coronavirus pandemic.
The number of unemployed Americans rose from 5.8 million in February to more than 23 million in April, as swaths of the economy were shut down to slow the spread of new coronavirus. The jobless rate was 10.2% in July, with 16.3 million people out of work.
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