Vice President Mike Pence mentioned Friday that the basics of the U.S. economic system stay strong regardless of the coronavirus pandemic that has tanked markets and led to unprecedented layoffs of hundreds of thousands of People. 

"Whereas the inventory market has ebbed and flowed, and even this week made dramatic strikes, President Trump and our whole financial staff consider that each one the basics proceed to be robust," Pence mentioned on CNBC's "Squawk on the Avenue." "And that, as we take care of the coronavirus that this economic system will come roaring again as soon as we see our nation by means of this difficult time." 

Pence additionally mentioned that the doubtless unfold of the illness could be much less extreme than early forecasts projected, suggesting early fashions are "now being understood to have been actually unsuitable." He mentioned that primarily based on information that has change into accessible in current days, the extent of the virus "does seem like considerably decrease than loads of the early projections had been."

Markets had been falling on Friday after a three-day...