03/30/2020

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. 

Please select this link to read the complete article from CNBC.