Financial and business news from Bulgaria

US: Unemployment could reach up to 30%

The president of the St. Louis Federal Reserve Bank said the U.S. unemployment rate could reach 30 percent in the second quarter of 2020 due to interruptions to combat coronavirus, BGNES reported.
James Bullard's assessment is that the unemployment rate may be higher than under the Great Depression and three times the 2007-2009 recession. Results in the second quarter could be half the standard.

Bullard's comments came as US congressmen were discussing emergency economic measures worth $1 trillion or more -a figure that Bullard said could prove to be less than necessary.

Nevertheless, old wounds from the economic crisis of 2007-2009 are still open about who and what deserves, whether corporations should get help and how generous the government will be to workers.

Bullard was among the large group at the Federal Reserve, which at first thought the risk of the virus would pass with little economic damage.


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