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COVID-19 pandemic causes record-high unemployment rate: U.S. Fed

2020-06-14 08:29:34       source:CGTN

June 14, 2020 


U.S. Federal Reserve said Friday that COVID-19 and the measures taken to protect public health have induced a sharp decline in U.S. economic activity and the severe economic repercussions have been "especially visible" in the labor market.


In its Monetary Policy Report submitted to the Congress, the central bank said the pandemic has led to a surge in job losses, "with the unemployment rate, which had been at a 50-year low, soaring to a postwar record high."


Since February, employers have shed nearly 20 million jobs from payrolls, reversing almost 10 years of job gains, the Fed said, noting that the unemployment rate jumped to a post-World War II high of 14.7 percent in April and then moved down to a still very elevated 13.3 percent in May.


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