Leading economists at the Federal Reserve produced a report on the Coronavirus’s potential impact on the US economy this week; projecting nearly a third of the American workforce could be unemployed in the weeks ahead.
“Economists at the Fed’s St. Louis district project total employment reductions of 47 million, which would translate to a 32.1% unemployment rate, according to a recent analysis of how bad things could get,” reports CNBC.
“The projections are even worse than St. Louis Fed President James Bullard’s much-publicized estimate of 30%. They reflect the high nature of at-risk jobs that ultimately could be lost to a government-induced economic freeze aimed at halting the coronavirus spread,” adds the financial website.
“These are very large numbers by historical standards, but this is a rather unique shock that is unlike any other experienced by the U.S. economy in the last 100 years,” said the Federal Reserve.
The previous high for unemployed Americans was 25% during the Great Depression of the late 1920s and early 1930s.
Read the full report here.
Source: Hannity.com: OUTBREAK UPDATE: Federal Reserve Says Unemployment Rate Could Hit 32%