Coronavirus job losses could total 47 million, unemployment rate may hit 32%, Fed estimates

CNBC ^ | 03/30/2020 | Jeff Cox

[rb22982]

The coronavirus economic freeze could cost 47 million jobs and send the unemployment rate past 32%, according to St. Louis Fed projections.

There are nearly 67 million Americans working in jobs that are at a high risk of layoffs, according to the analysis.

Economists at the Fed’s St. Louis district project total employment reductions of 47 million, which would translate to a 32.1% unemployment rate, according to a recent analysis of how bad things could get.

[rb22982]

More at article

[ClearCase_guy]

Are other countries also going through this particular part of the virus problem?

[Buckeye McFrog]

This is pushback being built for use against Dr. Fauci.

[SteveH]

mnuchin thinks it will be a full recovery and banner 3Q...

[CodeToad]

42 million, easily.

[aimhigh]

I talked to an employee who works for the Oregon Employment Dept. They are three weeks behind in processing new unemployment applications. Unprocessed applications are not counted in the official Thursday numbers.

[eyeamok]

I asked this question last week:

it looks like rain here and my roof has a small leak over the laundry room. Should I use Gasoline or Lighter Fluid to burn the House down before any damage is done??

[tatown]

We are in 100% uncharted waters...and every day that goes by without restarting the country takes us further out to sea.

[Wissa]

mnuchin thinks it will be a full recovery and banner 3Q...

I'm thinking they see it's gonna get really bad when they send Mnuchin out to proclaim "Prosperity is just around the corner!" to cheer people up.

[treetopsandroofs]

Remember that the anti-fascists would support either action, even if done by others, because you're (presumably) insured.

[rb22982]

Good analogy

[jdsteel]

We are going to have a 10 month economic year. Well, not really because some sectors of the economy are going gangbusters....but a lot of it is on hold.

That said, the UGLIEST number possible for Q1 and Q2 will result in an incredible rebound in Q3 and Q4, with positive numbers that will set records. Right before the election for Q3.

[Oscar in Batangas]

Has anyone suggested that prayer might work???

In the President’s own words:

“What the hell do you have to lose???”

[Georgia Girl 2]

Yeh sure. 😆

[PGR88]

Maybe if our political leaders try harder, they can get it to 40%

[Calif Conservative]

If by “House” you mean House of Representatives— gasoline, by all means

[The Westerner]

If he is the one Trump listens to, it makes sense to me now why this lockdown was extended. Without question, the country's businesses are going to be crippled. If Trump is really courageous, he could deregulate all business from all the requirements forced upon it, which will speed up recovery.

[ScottinVA]

It’s going to take years to fully recover from this.

[dfwgator]

It’s going to take years to fully recover from this.

I don't think it will take all that long at all.

[rb22982]

Indeed