New England predicted to fare better economically than the U.S. overall in the second quarter of 2020

The Federal Reserve Bank of Boston released their labor market predictions for the second quarter of 2020 in New England. Their analysis uses pre-pandemic Bureau of Labor Statistics (BLS) data to predict unemployment and layoffs. Although there is variation across New England states, the region is generally predicted to experience smaller adverse labor market effects than the U.S. overall. In a moderate-case scenario (that is, not best case but not worst case), the second quarter unemployment rate in New England is estimated at 18 percent versus the U.S. at 23 percent. In this same model, Maine is predicted to have the lowest unemployment rate among New England states at 16 percent. #covid-19 #workforce

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