Treasury Secretary Steve Mnuchin reportedly said with the coronavirus pandemic the US unemployment rate could rise up to 20% without lawmaker action

Associated Press

• Treasury Sec. Steve Mnuchin warned GOP senators that the coronavirus pandemic could potentially increase unemployment in the US to 20% if action is not taken by lawmakers, CNN reported Tuesday.
• The unemployment rate during the 2008 financial crisis was a little more than 10%.
• Based on the current US labor force, Mnuchin's projected unemployment rate equates more than 32 million Americans would be out of a job, according to the CNN report.
• Monica Crowley, a spokesperson from the Treasury Department, said Mnuchin relayed the high potential unemployment rate for "illustrative purposes."
• Mnuchin's comments came in tandem with his pitch to Republican senators for a $1 trillion economic stimulus package.
• Visit Business Insider's homepage for more stories.

Treasury Secretary Steve Mnuchin warned Republican senators that the coronavirus outbreak could potentially increase the unemployment rate in the US up to 20% if no action is taken, CNN reported, citing a GOP Senate source.

The estimated unemployment rate that Mnuchin reportedly shared is double that of the rate during the Great Recession and would leave "more than 32 million Americans out of a job based on the current US labor force," according to the CNN report.

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