Federal Reserve Predicts 15 Million Americans Will Remain Unemployed Through 2020

WASHINGTON, D.C. (CBSNEWS.COM) - The Federal Reserve expects that as many as 15 million Americans will remain unemployed by year-end even as the economy continues recovering from the impact of the coronavirus. That assessment is more pessimistic than the Trump administration's sunnier forecast.

Federal Reserve Chair Jerome Powell issues the Federal Open Market Committee statement on April 29, 2020 in Washington, D.C. (credit: Federal Reserve via Getty Images)

In releasing their latest policy statement and economic projections on Wednesday, Fed officials predicted that the nation's jobless rate will drop from 13.3% to 9% this year, which would be near the peak during the Great Recession.

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Economy
Unemployment
Federal Reserve