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5/28, 9:29 PM (Source: TeleTrader)
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US unemployment to fall to 10%-11% by year end - Fed's Kaplan

Unemployment in the United States is expected to drop to 10% or 11% by the end of the year, while it should fall under 7% in 2021, Federal Reserve Bank (Fed) Dallas President Robert Kaplan claimed on Thursday.

He asserted that the US economy hit the bottom and it is set to rebound in the second half of the year, as well as the next fiscal year.

However, Kaplan pointed out the importance of testing amid the country's reopening efforts as there may be downside risks to the Fed's estimates without increased testing.

Breaking the News / GA