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The Fed says US unemployment is actually about 10% — nearly double the official rate and matching the worst of the Great Recession

FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell arrives to speak to reportersin Washington, U.S., March 3, 2020. REUTERS/Kevin Lamarque

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Federal Reserve Chair Jerome Powell said on Wednesday that US unemployment is about 10% — or nearly twice the officially recorded rate. That roughly equal to Great Recession levels more than a decade ago.

The Fed chair made the remarks in a speech on strengthening a battered labor market at the Economic Club of New York. He said the economy was still nearly 10 million jobs below pre-pandemic levels, and urged

The latest jobs report showed the economy recovered 49,000 jobs in January, causing a drop in the official unemployment rate to 6.3%.

But Powell also indicated the details ⇒

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