Former Federal Reserve Chair Janet Yellen said Monday on CNBC that U.S. unemployment, driven by the coronavirus pandemic, could already be as high as 13% "and moving higher."

Why it matters: Yellen said the country should expect a GDP drop of "at least 30%" in the second quarter, based on indicators she's reviewed — though she said she has seen even higher projections.

What she's saying: "This is a huge, unprecedented, devastating hit, and my hope is that we will get back to business as usual as quickly as possible," Yellen said.

The big picture: At least 10 million Americans have filed for unemployment over the past two weeks, and more are expected to do so in the weeks ahead.

  • That volume means many states are struggling to keep up with the number of incoming unemployment applications. For example, Florida's unemployment office received 1.5 million calls in the last week of March.

Go deeper: Coronavirus could force the world into an unprecedented depression

Go deeper

Amy Coney Barrett sworn in as Supreme Court justice

Amy Coney Barrett took the constitutional oath to serve as a Supreme Court justice at a White House ceremony Monday night, not long after the Senate voted to confirm her nomination to the high court in a 52-48 vote.

The state of play: Justice Clarence Thomas administered the oath. The Supreme Court wrote in a statement that Barrett will take the judicial oath on Tuesday, at which point she will be able to begin her work on the court.

Gulf Coast braces for Zeta after storm strengthens into hurricane

Hurricane Zeta's forecast path. Photo: National Hurricane Center

Louisiana Gov. John Bel Edwards (D) declared a state of emergency Monday as Zeta strengthened into a hurricane and threatened Mexico's Yucatan Peninsula as it moved towards the U.S. Gulf Coast.

The state of play: Zeta was expected to make landfall on the northern part of the Yucatan Peninsula Monday night, bringing with it a "dangerous storm surge" and "heavy rainfall" as it moved into the Gulf of Mexico, the National Hurricane Service said.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. World: Restrictions grow across Europe.
  6. Media: Fox News president and several hosts advised to quarantine.