Million of Americans already have lost their jobs due to the coronavirus crisis and the worst of the damage is yet to come, according to the Federal Reserve.
The coronavirus economic freeze could cost 47 million jobs and send the unemployment rate past 32%, according to St. Louis Fed projections.
St. Louis Fed President James Bullard said last week that the initial estimates are grim but the plunge should be short-lived. 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.much-publicized estimate of 30%
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