America is Fucked
Out of context: Reply #76
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Unemployment rate may hit 32%, Fed estimates
The coronavirus economic freeze could cost 47 million jobs and send the unemployment rate past 32%, according to St. Louis Fed projections.
There are nearly 67 million Americans working in jobs that are at a high risk of layoffs, according to the analysis.
St. Louis Fed President James Bullard said last week that the initial estimates are grim but the plunge should be short-lived.
Millions of Americans already have lost their jobs due to the coronavirus 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% 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%. 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.