Federal Reserve Projects Longterm Unemployment From Coronavirus Crisis

KQED's Forum

KQED

Politics, News, News Commentary

4.6 • 656 Ratings

🗓️ 11 June 2020

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

Even as California businesses are starting to reopen, economists warn that the worst could be yet to come as far as unemployment. The extra $600 per week unemployment benefit will be ending soon and prospects for hiring are bleak as employers continue shedding workers. In May, the monthly jobless rate dropped to 13.3 percent from 14.7 percent, according to a Bureau of Labor Statistics report released last Friday. But a temporary drop may not signal that the economy is on the upswing just yet, economists said. Also, policy makers are looking at how to reverse the more severe unemployment rates among Blacks and other minority groups. In this hour of Forum, we discuss unemployment and what could lie ahead for workers. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Support for Forum comes from Rancho La Puerta, boated the number one wellness resort and spa by readers of travel and leisure magazine in 2024.
0:09.7	In August, three or four people sharing a cassita enjoy special vacation packages that include hiking, mindfulness, and fitness classes, in a garden setting on 4,000 verdant acres of nature preserve.
0:22.4	Check in to summer at Rancho LaPorta, Rancho LaPorta.com.
0:26.6	Support for Forum comes from Broadway S.F. presenting Parade, the musical revival based on a true story.
0:34.4	From three-time Tony-winning composer Jason Robert Brown comes the story of Leo and Lucille Frank,
0:40.6	a newlywed Jewish couple struggling to make a life in Georgia. When Leo is accused of an
0:46.3	unspeakable crime, it propels them into an unimaginable test of faith, humanity, justice, and
0:53.2	devotion.
1:02.1	The riveting and gloriously hopeful parade plays the Orpheum Theater for three weeks only, May 20th through June 8th.
1:06.4	Tickets on sale now at Broadway, sF.com.
1:09.0	From KQED.
1:23.0	From KQED, public radio in San Francisco.
1:24.0	I'm Michael Krasny.
1:29.3	The stock market took a dive today one day after Fed chair Jerome Powell warned of a lengthy economic recovery with continuing high unemployment. It could be some years before we get back to
1:36.0	those people finding jobs. The latest jobs report released last Friday showed a slight decline
1:42.2	from April to May, but the Fed projects a steep drop in employment by years end.
1:47.1	Low wage, as well as black and Latino communities, have been among the hardest hit.
1:51.9	Coming up on Forum, we'll look at what the latest data means for the Bay Area and California economies.
1:57.5	That's next after this news.
2:11.1	Welcome to Forum. I'm Michael Krasny.
2:12.1	Even as California businesses are starting to reopen, economists warn that the worst could be yet to come
2:18.7	as far as unemployment. The extra $600 per week unemployment benefit will be ending soon,
	...

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