Yellen: GDP could decline by 30%, unemployment is already at 12%-13%

Former Federal Reserve Chair Janet Yellen said the economy is in the throes of an “absolutely shocking” downturn that is not reflected yet in the current data. If it was, she said, the unemployment rate probably would be as high as 13% while the overall economic contraction is about 30%. “If we had a timely unemployment statistic, the unemployment rate probably would be up to 12 or 13% at this point and moving higher,” Yellen told CNBC’s Sara Eisen during a “Squawk on the Street” interview. She said gross ...