Federal Reserve economist: 47M could lose jobs in Q2 due to virus

Job losses in the U.S. from the coronavirus could reach 47 million in the second quarter, with an unemployment rate of 32 percent, according to an analysis by the Federal Reserve Bank of St. Louis.

“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,” St. Louis Fed economist Miguel Faria-e-Castro wrote in a blog post last week, calling it a “back-of-the-envelope estimate.” 

While…

Source: The Business Journal