Originally published at: Federal Reserve is Projecting a 32% Unemployment Rate | Infostormer.com
The Federal Reserve is projecting that we could see a 32 percent unemployment rate as a result of this coronavirus hysteria.
CNBC:
Millions of Americans already have lost their jobs due to the coronavirus crisis and the worst of the damage is yet to come, according to a Federal Reserve estimate.
Economists at the Fed’s St. Louis district project total employment reductions of 47 million, which would translate to a 32.1% unemployment rate, according to a recent analysis of how bad things could get.
The projections are even worse than St. Louis Fed President James Bullard’s much-publicized estimate of 30%. They reflect the high nature of at-risk jobs that ultimately could be lost to a government-induced economic freeze aimed at halting the coronavirus spread.
We already know that over three million people filed for unemployment last week and there have been all sorts of mass layoffs announced. So regardless of this projection by the Fed, the ultimate outcome is going to be pretty bad. It’s just a question of how bad it will get.
There’s also lots of people who have tried to file for unemployment but are unable to access the government websites that are designed to take claims.
Friend has been trying for a *week* to file for unemployment in NY. The website doesn't function. Told her turn is today, based on first letter of last name.Still unable to connect. And the website is "open" 7:30 am to 7:30 p.m (Friday to 5:00 p.m.) The website. Has fucking hours pic.twitter.com/gpieXYv5jG
— Michael C Moynihan (@mcmoynihan) March 30, 2020
The H1B website is reportedly working just fine though!
State unemployment websites crashing left and right, but @USCIS #H1B lottery website operates fine
85,000 H1B E-registration cap met.#AmericanWorkers demand answers from corporations: Why couldn't 3.3Mill+ unemployed Americans fill those jobs? https://t.co/8wBCWYnPYR
— American Workers Coalition🇺🇸 (@AmWorkCo) March 27, 2020
It looks like this closure of large portions of the American economy is going to last at least through April. It may even last far beyond that considering some of the things that the states are doing.
Lots of businesses will not come back from this and there will be untold amounts of economic and societal damage. But hey, at least we can say that we saved the lives of a few old and fat people who were probably going to die from something else any way.