U.S. unemployment is likely to peak at 20% or higher, and then to fall only to between 8% and 10% by year's end, Dallas Federal Reserve Bank President Robert Kaplan (pic) told CNN International. The U.S. unemployment rate was 14.7% in April.
U.S. businesses and households are going to need more fiscal support to get through what will likely be a longer period of recovery from the coronavirus shutdown than initially expected, Federal Reserve policymakers said on Tuesday.
Unemployment will get worse around the country and the economic recovery will be uneven, they said.
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