30 Million Americans Filed For Unemployment Since Pandemic Began

The video discusses the severe impact of the COVID-19 pandemic on the labor force, highlighting 30 million jobless claims over six weeks. It emphasizes the human aspect behind these numbers and reports on the economy's worst contraction since the Great Recession. Federal Reserve Chair Jerome Powell anticipates a double-digit unemployment rate. Despite the grim data, the Congressional Budget Office and President Trump express optimism for an economic rebound in the latter half of the year.

What are the expected economic consequences mentioned in the text?

What is the Congressional Budget Office forecasting for the economy in the second half of the year?