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US unemployment will soar as Covid-19 hits the country

First published: The 29/03/2020

The sudden stop of our Covid-19 world was brought home forcefully yesterday with the release of a key weekly labour market indicator. It warns that American unemployment, which in February amounted to 5.8 million, or 3.5 per cent of the labour force, is set to soar, and very quickly. According to James Bullard, President of the Federal Reserve Bank of St Louis, US unemployment could spike at 30 per cent of the labour force, or roughly 49 million people. It is as grim as it sounds, but we have to think about what’s going on in different ways from in the past. Read on…