Fed Chair Powell: U.S. Unemployment Closer To 10%

Jerome Powell discusses the state of unemployment, noting that while over 12 million jobs have been recovered since the pandemic, challenges remain in achieving full employment. He emphasizes the importance of policies to end the pandemic and support for workers and businesses. Powell mentions that interest rates will stay low and suggests the actual unemployment rate is closer to 10% due to classification errors by the Labor Department.

What is the actual unemployment rate that Powell suggested is more accurate?

What reasons did Powell give for the higher unemployment rate being more accurate?