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5 May 2020updated 06 Oct 2020 9:45am

US on course for 20 per cent unemployment rate

By Rohan Banerjee

The United Sates will likely experience its “worst employment rate since the Great Depression” as a result of the coronavirus pandemic according to White House economic adviser Kevin Hassett.

Over 30 million Americans have signed up for jobless benefits in the past six weeks. The unemployment rate in the US was just above 16 per cent in April, and Hassett expects that figure to only increase. “My guess right now is it’s going to be north of 16 per cent, maybe as high as 20 per cent,” he told CNN.

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