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May 14, 2020

Fed Reserve Chair Warns of Long Recession as Unemployment Claims Hit 36 Million
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The Labor Department reports nearly 3 million U.S. workers filed initial
jobless claims over the week ending May 9. The coronavirus crisis has so
far pushed about 36 million U.S. workers to file for unemployment
benefits. On Wednesday, Federal Reserve Chair Jerome Powell warned the
U.S. economy may face an extended crisis unless Congress provides a
massive new round of economic relief.

Jerome Powell: "The scope and speed of this downturn are without modern
precedent, significantly worse than any recession since World War II. We
are seeing a severe decline in economic activity and in employment, and
already the job gains of the last decade have been erased."



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