5/7/2020, 1:24 PM (Source: TeleTrader)
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Unemployment at 24%, data understate damage - Fed's Kashkari

President of the Federal Reserve Bank of Minneapolis, Neel Kashkari, estimated on Thursday that the actual unemployment rate in the United States is between 23% and 24%, insisting that official reports are likely showing lower numbers as many people are not actively looking for work.

Kashkari told NBC that the US economy can avoid a depression scenario, but the country will unfortunately have to face a long and gradual recovery.

Meanwhile, the newest initial jobless claims data report for the week ending May 1 is set to be published later today.

Breaking the News / ND