Janet Yellen: Unemployment is Likely Around 13% Right Now

[mystery-ak]

John Carney 6 Apr 2020

Former Federal Reserve Chair Janet Yellen estimated Monday that the unemployment rate would probably be as high as 12 to 13 percent if we had a real-time gauge for joblessness.

Yellen also said that the economy will probably contract around 30 percent because of the coronavirus and related measures that have shut down large segments of the economy in pursuit of social distancing the control the spread of the disease.

Yellen described the recent reports of initial claims for unemployment benefits, amounting to around 10 million in the past two weeks, as “absolutely shocking.” Claims for unemployment benefits are one of the few ‘real time’ pieces of data the government produces on the economy, showing new claims for the prior weeks. Most other data require weeks or months to be put together.

“If we had a timely unemployment measure, probably the unemployment rate would be 12 or 13 percent at this point. And moving higher,” Yellen said Monday morning in an interview on CNBC.

more
https://www.breitbart.com/economy/2020/04/06/janet-yellen-unemployment-is-likely-around-13-right-now/

[jmyrlefuller]

There's a certain amount of this that of course is artificially inflated by the state/local government stay-home orders. To that extent I am surprised it's only 13%.

[IsailedawayfromFR]

She is not relevant in any manner shape or form.

I suppose she is trying to make up for being the worst chairman in the history of the fed.

[sneakypete]

John Carney 6 Apr 2020

Former Federal Reserve Chair Janet Yellen estimated Monday that the unemployment rate would probably be as high as 12 to 13 percent if we had a real-time gauge for joblessness.

Yellen also said that the economy will probably contract around 30 percent because of the coronavirus and related measures that have shut down large segments of the economy in pursuit of social distancing the control the spread of the disease.

Yellen described the recent reports of initial claims for unemployment benefits, amounting to around 10 million in the past two weeks, as “absolutely shocking.” Claims for unemployment benefits are one of the few ‘real time’ pieces of data the government produces on the economy, showing new claims for the prior weeks. Most other data require weeks or months to be put together.

“If we had a timely unemployment measure, probably the unemployment rate would be 12 or 13 percent at this point. And moving higher,” Yellen said Monday morning in an interview on CNBC.

more
https://www.breitbart.com/economy/2020/04/06/janet-yellen-unemployment-is-likely-around-13-right-now/

@mystery-ak

Anybody that doesn't get scared by that isn't thinking very clearly.

AND.......,it is a number that is going to get higher with each day as the "chain effect" kicks in.