The unemployment rate in the U.S. amid the coronavirus outbreak could exceed the Great Depression.
The unemployment rate in the U.S. could reach a staggering 32.1% in the second quarter as 47 million workers are laid off amid the coronavirus outbreak, according to estimates published in a blog 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 the blog.
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