Fed Says Job Losses Could Total 47 Million
Unemployment could surge to 32 percent
Millions of Americans already have lost their jobs due to the coronavirus (COVID-19) crisis and the worst of the damage is yet to come, according to a Federal Reserve estimate.
Economists at the Fed’s St. Louis district project total employment reductions of 47 million, which would translate to a 32.1 percent unemployment rate, according to a recent analysis of how bad things could get.
The projections are even worse than St. Louis Fed President James Bullard’s much-publicized estimate of 30 percent. They reflect the high nature of at-risk jobs that ultimately could be lost to a government-induced economic freeze aimed at halting COVID-19's spread.
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