(Reuters) – U.S. businesses and households are going to need more fiscal support to get through what will likely be a longer period of recovery from the coronavirus shutdown than initially expected, Federal Reserve policymakers said on Tuesday.
FILE PHOTO: The Federal Reserve building is set against a blue sky, amid the coronavirus disease (COVID-19) outbreak, in Washington, U.S., May 1, 2020. REUTERS/Kevin Lamarque
Unemployment will get worse around the country and the economic recovery will be uneven, they said.
U.S. unemployment is likely to peak at 20% or higher, and then to fall only to between 8% and 10%