Fed Predicts Unemployment Could Hit 32% Due To COVID-19

Mar 30, 2020 | 12:01 PM

(St. Louis, MO) — The Federal Reserve says the nation’s unemployment rate could hit 32-percent because of the coronavirus pandemic. Economists at the Fed’s St. Louis District are projecting the economic slump could cost 47-million jobs before the worst is over. St. Louis Fed President James Bullard called the jobless number “unparalleled,” but advised Americans not to get discouraged. He told CNBC last week that “if we play our cards right” everyone will go back to work once the virus goes away.

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