Dallas Fed President Robert Kaplan expects the US economy to contract -2.5% this year, and grow around 3.5% next. Unemployment is expected to end the year between 7% and 7.5%. However, unemployment may not drop back below 4% until 2023.
Kaplan is concerned that “many of the folks who have lost their jobs may not have a business to go back to.” “We’re going to have a lot of work to do to get these underrepresented groups that have been disproportionately affected back into the labor force.”
