Daily Mail: Ex Federal Reserve chair Janet Yellen says the real unemployment level could be 21 MILLION and that GDP is down by 30% as she warns of a depression
* Yellen said: 'If we had a timely unemployment statistic, the unemployment rate probably would be up to 12 or 13% at this point and moving higher'
* She warned the downturn is 'absolutely shocking' amid the coronavirus outbreak
* 'This is a huge, unprecedented, devastating hit', Yellen told CNBC Monday
* New claims for unemployment benefits rose to 6.65 million last week
Former Federal Reserve Chair Janet Yellen said Monday the real unemployment level could be far higher than officially recorded as she warned of a depression.
Yellen told CNBC second-quarter GDP could decline by 30 per cent and unemployment is already at 12 per cent and 13 per cent amid the coronavirus outbreak.
She warned the downturn is 'absolutely shocking', adding: 'If we had a timely unemployment statistic, the unemployment rate probably would be up to 12 or 13% at this point and moving higher.'
With a labor forced of 165 million that means up to 21 million Americans unemployed by Yellen's calculations.
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Update #1: Janet Yellen says second-quarter GDP could decline by 30% and unemployment is already at 12%-13% (CNBC)
Update #2: Janet Yellen warns coronavirus-hit US economy could contract 30% next quarter, says unemployment might already be 13% (Business Insider)
WNU Editor: The U.S. markets have a different view, with massive gains today on all of the indices .... US STOCKS-Wall St soars on hopes of slowing coronavirus deaths (Reuters).
