UPDATE: Possible 16% Unemployment Rate Due to COVID-19
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Reuters Reports: U.S. economy faces historic shock, with 16% joblessness possible, Trump adviser says
COVID-19 has hit the US economy hard, and the unemployment rate may hit a whopping 16% or higher this month, said WH economic adviser this Sunday.
“This is the biggest negative shock that our economy, I think, has ever seen. We’re going to be looking at an unemployment rate that approaches rates that we saw during the Great Depression” of the 1930s, Kevin Hassett added.
Currently, 26.5 million Americans have filed for unemployment since mid-March and the economy has tanked.
The nonpartisan Congressional Budget Office predicts U.S. gross domestic product will contract at nearly a 40% annual rate in the second quarter, with unemployment cresting at 16% in the third quarter. But even next year, the CBO sees the jobless rate still averaging above 10 percent.
Before COVID-19, the unemployment rate was around 3.5%
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