Economists at the Federal Reserve's St. Louis District are now projecting the unemployment rate in the United States could hit 32.1 percent, placing 47 million people out of work amid the COVID-19 pandemic, CNBC reports.
That estimate is up from the 30 percent figure previously publicized by St. Louis Fed President James Bullard. In a research paper published last week, St. Louis Fed economist Miguel Faria-e-Castro said "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."
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