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12/4/2020, 6:13 PM (Source: TeleTrader)
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Fed's Kashkari: Real US unemployment rate at 10%

Federal Reserve Bank of Minneapolis President Neel Kashkari (pictured front) claimed that the real unemployment rate in the United States is "around 10%," adding that the "6.7% unemployment rate is misleading." Speaking at the Rochester Area Chamber of Commerce Economic Summit, he underscored that the real unemployment rate was equal to its peak levels during the Great Recession from 2007 to 2009.

A slight inflation rate increase "would be welcome," Kashkari stated, noting that it does not seem like a high inflation rate will not be seen soon. December, January and February will be difficult, but the economy could reach a strong level in the second half of 2021 if coronavirus vaccines get widely adopted, he also said.

Future fiscal assistance should be focused on the unemployed, small businesses and state and local governments, Kashkari conluded.

Breaking the News / MS