Economists at the Fed’s St. Louis district have warned that the Covid-19 outbreak could see 47 million people lose their jobs, and cause an unemployment rate of 32%.

The analysis estimated 67 million Americans are in jobs that are at high risk of being affected by the economic fallout of the pandemic.

“These are very large numbers by historical standards, but this is a rather unique shock that is unlike any other experienced by the U.S. economy in the last 100 years,” St. Louis Fed economist Miguel Faria-e-Castro wrote in a research paper posted last week.

Already a record 3.3 million has filled initial jobless claims for the week ending March 21st.

However, bleak as these estimates look St. Louis Fed President James Bullard also reminded the nation that the country is facing a unique set of circumstances. Bullard said the jobless number “will be unparalleled, but don’t get discouraged. This is a special quarter, and once the virus goes away and if we play our cards right and keep everything intact, then everyone will go back to work and everything will be fine.”

Read More: CNBC