New York (CNN Business) The unemployment rate in the United States will peak at 25%, rivaling the worst period of the Great Depression, Goldman Sachs warned on Wednesday. Economists at Goldman Sachs downgraded their labor market forecast "to assume that more workers will lose their jobs and a larger share of them will be classified as unemployed," the Wall Street bank wrote in a report to clients. Goldman Sachs previously projected the unemployment rate would peak at 15%. The federal government's monthly unemployment statistics only go back to 1948. The current level of unemployment is the highest monthly rate on record.

Source: CNN May 13, 2020 11:11 UTC