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The COVID-19 coronavirus pandemic may result in more than 47 million people losing their job by the end of June, according to the St. Louis branch of the Federal Reserve.

An estimate, written by economist Miguel Faria-e-Castro, estimates the nation could see an unemployment rate in the second quarter of 2020 of 32.1%, which would handily top the Great Depression’s peak of 24.9%.

The only bright spot to those numbers is experts say they expect the downturn would be brief in comparison.

The numbers, which Faria-e-Castro calls “back-of-the-envelope” estimates, focus on two categories: the 808 occupations considered high risk, including sales, production, and food services (employing an estimated 66.8 million people) and the 27.3 million who work in jobs that require close physical proximity to others, such as hairstylists and flight attendants.

The 47-million figure was an average of the two categories.

“This negative shock does not equally affect all businesses, sectors or occupations. Many workers in professional services, for example, are able to work from home and continue their activities with minimal disruption,” he writes. “Others—who work in occupations that involve direct physical contact with customers, such as restaurant waiters—are likely to see their jobs affected by social-distancing measures.”

There are some caveats, such as businesses potentially sending workers home with pay instead of laying them off, and do not account for the impact of any fiscal changes (such as changes to unemployment insurance) between now and June.

“These are very large numbers by historical standards,” said Faria-e-Castro, “but this is a rather unique shock that is unlike any other experienced by the U.S. economy in the last 100 years.”

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—Everything you need to know about the coronavirus stimulus checks
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—The world’s largest coronavirus lockdown is off to a rocky start

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—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
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Subscribe to Outbreak, a daily newsletter roundup of stories on the coronavirus pandemic and its impact on global business. It’s free to get it in your inbox.

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