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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBank of America says the recession is already here: 'Jobs will be lost, wealth will be destroyed'
Bank of America warned investors on Thursday that a coronavirus-induced recession is no longer avoidable its already here.
We are officially declaring that the economy has fallen into a recession ... joining the rest of the world, and it is a deep plunge, Bank of America U.S. economist Michelle Meyer wrote in a note. Jobs will be lost, wealth will be destroyed and confidence depressed.
The firm expects the economy to collapse in the second quarter, shrinking by 12%. GDP for the full year will contract by 0.8%, it said.
Bank of America looked at the labor market as a way to understand the magnitude of the economic shock. The firm expects the unemployment rate to nearly double, with roughly 1 million jobs lost each month of the second quarter for a total of 3.5 million.
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https://www.cnbc.com/2020/03/19/bank-of-america-says-the-recession-is-already-here-jobs-will-be-lost-wealth-will-be-destroyed.html
Wellstone ruled
(34,661 posts)The_jackalope
(1,660 posts)SWBTATTReg
(22,166 posts)else loses theirs. Scumbag.
lastlib
(23,286 posts)I'm too scared to look at my (now) 201(k)s, but in non-retirement assets, I have lost over $65,000 over a couple days ago. I'm glad I took out what I did when I did awhile back, or the carnage would've been over $150,000 by my calculation.
Wellstone ruled
(34,661 posts)And their are millions of Trumpers whom got whacked worse than us.