How Bad Will Unemployment Get? Here’s What The Experts Predict

Summary

Topline: With the coronavirus pandemic taking an increasing toll on the economy, some of the most concerning indicators show that widespread business shutdowns with weekly jobless claims reaching a record 3.28 million last week; meanwhile, leading economists say the unemployment rate could reach 30% as a result of the ongoing health crisis.

-Thousands of companies across the U.S. are announcing layoffs and furloughing workers and, as a result, jobless claims number hit a record 3.28 million last week as the coronavirus pandemic continued to slam the economy.

– The coronavirus outbreak could cost 47 million jobs next quarter, according to estimates by the Federal Reserve Bank of St. Louis. That would translate to an unemployment rate of 32.1%, well above the 24.9% rate it was at during the Great Depression.