The United States Department of Labor reported an additional 2.4 million people filed for unemployment this week, bringing the total number to 38.6 million.
Thursday that said the U.S. saw an additional 2.4 million people file unemployment claims for the week ending May 16. That brings the total unemployment number to 38.6 million since the start of the novel coronavirus pandemic.
Williams said it is"impossible" to know when businesses and consumers will be able to return back to normal as the country is reeling from the effects of states shutting down business in an attempt to slow the spread of COVID-19. The CEO said the Fed will take"extraordinary actions to ease economic pains." The actions taken by the Fed during the pandemic include buying up large quantities of U.S. Treasury securities to stabilize the financial markets and setting up programs to make credit available to households and businesses.
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