Another 2.9 Million Americans File Jobless Claims As Layoffs Continue

The video discusses the current state of the U.S. labor market, highlighting that 2.9 million Americans filed for jobless claims last week, bringing the total to a record-breaking 36 million since mid-March. The April jobs report showed a significant rise in the unemployment rate to 14.7%, prompting Goldman Sachs to revise their forecast to a potential 25% unemployment rate, comparable to the Great Depression. Federal Reserve Chair Jerome Powell warned Congress and the White House about the risk of permanent economic damage if joblessness continues.

What is the estimated unemployment rate that economists at Goldman Sachs predict?

What could happen to the economy if Congress and the White House do not take action?