U.S. could lose 14 million jobs: Are we careening toward a depression? – CBS News

ADVERTISEMENT

In early March, most economists expected the U.S. to take only a mild knock from the coronavirus. But in a sign of the pandemic’s scale and speed, many of those same experts are now warning that growth could fall by double-digits. The Federal Reserve of St. Louis estimates the nation’s jobless rate could hit a staggering 32% within months. 

That would far exceed the high-water mark for unemployment during the Great Depression, when it reached 25% in 1933, four years after the stock market collapsed. 

Now, the country’s gross domestic product — the monetary value of all goods and services — could fall as much as 40% on an annual basis, according to Capital Economics.

Coronavirus: The Race To Respond

Read More

Related Articles

Leave a Replay