As gov’t forces businesses to close, analysis from the Fed says we could see 47 million job losses, 32% unemployment – By Chris Field (The Blaze) / March 30 2020
How bad could it all get?
A recently posted analysis from a Federal Reserve economist estimated that the U.S. could see in excess of 47 million job losses related to the coronavirus crisis and an unemployment rate that tops 32% in the coming months.
What did the Fed’s post say?
On Thursday, first-time weekly jobless claims hit a record high of 3.3 million, more than double the number of losses experts had projected.
Last week, Migeul Faria e Castro, an economist at the Federal Reserve Bank of St. Louis, posted a “back-of-the-envelope estimate” for what kind of job-loss numbers and unemployment figures the country could see by the end of the second quarter.
Citing fellow Fed economist Charles Gascon, Castro noted that nearly 67 million Americans are working in jobs “at high risk of layoff due to social-distancing measures.”
Combining that figure with other estimates about jobs that have a high risk of being lost, Castro estimated that 47.05 million people would be laid off during the second quarter of 2020.
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