While coronavirus has already impacted the employment status of millions of Americans, the Fed’s St. Louis district is projecting that the numbers could get much worse – to the tune of 47 million jobs lost, which would translate to a 32.1 percent unemployment rate. These numbers do not account for those who drop out of the workforce, impacting the unemployment rate, or the recent government stimulus package. Still, the impact of the COVID-19 pandemic is expected to be severe. “These are very large numbers by historical standards, but this is a rather unique shock that is unlike any other experienced by the U.S. economy in the last 100 years,” St. Louis Fed economist Miguel Faria-e-Castro wrote in a research paper posted last week.

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