'The uptake on the unemployment insurance program is a good thing because it means you're getting the transfers to the people that are being disrupted by this health-ordered shutdown,' St. Louis Federal Reserve President James Bullard said.
The Fed's "back-of-the-envelope" estimate did not account for workers who potentially choose to leave the labor force, which would bring down the headline unemployment rate.
Bullard argued the large increases in jobless claims must be viewed through the lens of helping people who are facing economic hardship.
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