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Coronavirus could leave 30% of U.S. workers jobless, Fed official says

March 23, 2020

James Bullard, president of the St. Louis branch of the US Federal Reserve Bank, has a bleak assessment of how coronavirus will impact the U.S. economy in the short-term. In a Sunday interview with Bloomberg, Bullard predicted that the unemployment rate will reach 30% in the second quarter, and gross domestic product will fall by 50%. U.S. unemployment was at its worst during the peak of the Great Depression in 1933, when the jobless rate spiked to 24.5%. In the aftermath of the Great Recession, U.S. unemployment peaked at 10.2% in October 2009, according to the Bureau of Labor Statistics.