Analysts at Goldman Sachs now estimate the US unemployment rate could rise to above 25%. The jobless rate was previously forecasted to peak at 25%.
The US Nonfarm Payrolls declined by 20.5 million in April and the unemployment rate rose to 14.7%, as the coronavirus-induced economic shutdown forced employers to slash jobs.
Both the Federal Reserve and the US government have launched unprecedented monetary and fiscal lifelines. Even so, most observers, including analysts at Goldman Sachs, are of the opinion that the odds of a V-shaped recovery are low.
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