Monday, March 30, 2020
A new analysis from the Federal Reserve projects that Covid-19 related job losses could be as high as 47 million and drive unemployment up to 32.1% during the coming months. The analysis focuses on two factors groups of workers, those in occupations viewed as highly risk for disruption by the pandemic such as "sales, production, and food services" as well as those whose work require close contact with the others such as "hairstylists and flight attendants". The analysis does not account for the possibility that discouraged workers stop looking for work who are not factored into the unemployment rate, nor does it estimate how the recently passed stimulus bill may impact job markets.
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