April 27, 2020 / 12:36 PM / a month ago

U.S. companies seen adapting despite Great Depression-level hit - Hassett

FILE PHOTO: Council of Economic Advisers Chairman Kevin Hassett speaks to reporters at the White House in Washington, U.S., April 11, 2019. REUTERS/Kevin Lamarque/File Photo

WASHINGTON (Reuters) - Data suggest U.S. industries appear to be adapting to business amid the nation’s coronavirus outbreak, White House economic adviser Kevin Hassett said on Monday, repeating his expectation that while U.S. growth will likely fall to Great Depression-era levels this quarter, it should rebound in the third quarter.

“At the beginning of this, there was rapid, rapid spread sadly in the places where there are a lot of essential workers. But the variance has really, really declined over time suggesting people have learned ... about safe practices,” he told CNBC, without offering any specific data.

Reporting by Susan Heavey and Doina Chiacu, editing by Louise Heavens

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