Economists from Goldman Sachs are now forecasting that the U.S. unemployment rate during the coronavirus crisis after jumping to 14.7 percent in April will peak at 25 percent, on par with the Great Depression.
Goldman Sachs released a report Wednesday projecting this jaw-dropping peak unemployment rate after in March predicting it would peak at 15 percent, CNN reports. During the Great Depression, the unemployment rate peaked at 24.9 percent. But when it comes to the "real jobless rate" that takes into account those who have given up looking for work, Goldman Sachs projected this will peak at 35 percent, up from 22.8 percent in April. Goldman Sachs had previously been projecting this rate would peak at 29 percent.
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