NEW YORK (Reuters) – The U.S. Labor Department’s monthly jobs report to be released on Friday is likely to understate the number of jobs lost during the coronavirus pandemic because many people are not actively looking for new work, Minneapolis Federal Reserve Bank President Neel Kashkari said Thursday.
Kashkari, asked what the jobs report might show during an interview on NBC’s Today Show, said the reported unemployment rate could be as high as 17%, but the true unemployment rate may be as high as 23%. “That bad report tomorrow is actually going to understate how bad the damage has been,” he said.
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