Brace for the 'deepest recession on record,' says BofA analysts.
Brace for the ‘deepest recession on record,’ says BofA analysts, as jobless claims surge to 6.6 million
MarketWatch
Published: April 2, 2020 at 6:06 p.m. ET
By Mark DeCambre
BofA economists forecast that the unemployment rate will soon hit 15.6% from 3.5% as of February
There are no parallels for the pandemic fueled slowdown that the U.S. economy is currently contending with, and that is forcing economists like those of Bank of America Global Research to forecast a decidedly grimmer outlook for the American economy than they offered just two weeks ago.
The BofA researchers on Thursday said the coming recession “appears to be deeper and more prolonged than we were led to believe just 14 days ago when we last updated our forecasts, not just in the US but globally as well.”
BofA sees between 16 and 20 million job losses, which could send the unemployment rate, which stands at 3.5% as of February’s report, surging within a few months to 15.6%, which would by far outstrip the unemployment rate during the 2007-09 recession.
A report on U.S. nonfarm payrolls will be released on Friday, but isn’t likely to show the full extent of the labor-market damage because of when that data was recorded, just before the worst of the coronavirus outbreak.
More here
https://www.marketwatch.com/story/brace-for-the-deepest-recession-on-record-says-bofa-analysts-as-jobless-claims-surge-to-66-million-2020-04-02?mod=mw_latestnews
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