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Economic Fallout
 [Fox Business] That brings the number of applications for the last three weeks to more than 16 million, a stunning sign of the colossal economic damage inflicted by the outbreak, compared to a total of 11.5 million filed from the beginning of the year through March 14. With a labor force that totals about 162 million people, that means an estimated one in 10 workers have lost their jobs.During a call with House Democrats this week, former Federal Reserve Chairwoman Janet Yellen, one of the nation's top economists, said the unemployment rate is now at least 13 percent. Yellen she expects a 30 percent contraction of GDP this year, but has seen models as high as 50 percent. Posted by: Bobby 2020-04-09 |
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