California Gov. Gavin Newsom
Rich Pedroncelli | AP
California Gov. Gavin Newsom said on Thursday that the state’s unemployment rate could reach a peak of 24.5% due to the economic fallout from the coronavirus outbreak as his administration grapples with a budget shortfall of $54.3 billion.
Nearly 4.6 million Californians have filed for unemployment claims since March 12, which is 2.4 million more workers when compared to the peak unemployment level from the fallout of the financial crisis, Newsom said during a press briefing.
“We are projecting in our documents that we’re putting out today in our May revise of that January budget that unemployment will peak north of 24.5%. One could…