Kashkari: Real Unemployment Likely 23% Or 24%

This morning on NBC Today, Minneapolis Federal Reserve President Neel Kashkari indicated that the jobs report expected to be released on Friday likely doesn’t paint the whole picture of the current employment situation across America.

Rather, he says, the Friday jobs report for April will likely show a 16% or 17% figure for the month, however the real number is likely closer to 23% or 24%. The issue between the reported figure and reality appears to be related to the manner in which the question for the report is asked. He added that he sees the recovery from the current situation being long and gradual, rather than that of the famed V-shaped recovery many of hoping for. However, he is not expecting a Great Depression situation, largely because of the efforts of policy makers.

Meanwhile, numbers released this morning by the US Department of Labor indicated that an additional 3.169 million seasonally adjusted jobless claims were filed during the week ending May 2. The figure brings the total figure over the last 7 weeks to more than 33.4 million initial jobless claims, painting a stark picture of just how much of an impact the coronavirus has had on the US economy as a whole.

Information for this briefing was found via the Department of Labor, Yahoo Finance, NBC Today, and The Washington Times. The author has no securities or affiliations with any of the mentioned securities. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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