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Fed chair says unemployment numbers are much higher than reported

The Washington Post 02/12/2021

Jerome Powell, chairman of the Federal Reserve Bank, said the actual unemployment rate in the U.S. is “close to 10 percent” and not the 6.3 percent reported by the Labor Department. The Fed chair said that the labor force numbers do not account for people who have left the labor force or have been misclassified as employed. Mr. Powell said that getting the pandemic under control is the the key to bringing the economy and jobs back. He has advocated for a big response to stabilize at-risk American businesses and citizens and spur economic growth.

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