ML-Implode News - Coronageddon: Job losses could total 47 million, unemployment rate of 32%, Fed says

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.
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A record 3.3 million Americans filed initial jobless claims for the week ended March 21. Economists surveyed by Dow Jones expect another 2.65 million to join them this week.
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The central part of Faria-e-Castro's compilations comes from previous Fed research showing 66.8 million workers in "occupations with high risk of layoff." They are sales, production, food preparation and services. Other research also identified 27.3 million people working in "high contact-intensive" jobs such as barbers and stylists, airline attendants, and food and beverage service.
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That would bring the U.S. unemployment rolls to 52.8 million, or more than three times worse than the peak of the Great Recession. The 30% unemployment rate would top the Great Depression peak of 24.9%.

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Coronageddon: Job losses could total 47 million, unemployment rate of 32%, Fed says