The unemployment rate in the US will peak at 25%, rivaling the worst period of the Great Depression, Goldman Sachs warns.
New York The unemployment rate in the United States will peak at 25%, rivaling the worst period of the Great Depression, Goldman Sachs warned on Wednesday.
The unemployment rate spiked to 14.7% in April as the economy lost more than 20 million jobs during the self-imposed shutdown to fight the coronavirus pandemic. Economists at Goldman Sachs downgraded their labor market forecast"to assume that more workers will lose their jobs and a larger share of them will be classified as unemployed," the Wall Street bank wrote in a report to clients.
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