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

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Virtual school is another setback for struggling retail industry

Illustration: Annelise Capossela/Axios

A virtual school year will likely push retailers even closer to the brink.

Why it matters: Back-to-school season is the second-biggest revenue generating period for the retail sector, after the holidays. But retailers say typical shopping sprees will be smaller with students learning at home — another setback for their industry, which has seen a slew of store closures and bankruptcy filings since the pandemic hit.

1 hour ago - Health

The pandemic hasn't hampered the health care industry

Illustration: Rebecca Zisser/Axios

The economy has been tanking. Coronavirus infections and deaths have been rising. And the health care industry is as rich as ever.

The big picture: Second-quarter results are still pouring in, but so far, a vast majority of health care companies are reporting profits that many people assumed would not have been possible as the pandemic raged on.

Column / Harder Line

How climate and business woes are sinking a natural-gas project

Illustration: Annelise Capossela/Axios

The Trump administration recently touted its approval of America’s first terminal on the West Coast to export liquefied natural gas. There’s just one problem: it probably won’t be built.

Why it matters: The project in southern Oregon faces political and business hurdles serious enough that those who are following it say it will be shelved. Its problems embody the struggles facing a once-promising sector that's now struggling under the weight of the pandemic and more.