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Fed's Bullard sees unemployment falling to as low as 7% this year
"I think we're tracking very well right now," the central bank official said during a "Closing Bell" interview. "Seems to me like by the end of the year you can get down certainly to single digits, probably even below 8%, maybe 7% by the end of the year." That would mark quite a run for unemployment, which was at a 50-year low 3.5% just five months ago before spiking up to 14.7% in April and coming down to its current level in June. Over the past two months, nonfarm payrolls have risen by 7.5 million as workers began returning to their jobs following the coronavirus-induced shutdown. However, some economists worry ... (full story)