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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.”



The April 2 research report, which includes star economist Michelle Meyer, comes as the number of Americans who applied for unemployment benefits last week soared by a record 6.6 million, bringing the increase in new jobless claims in the last two weeks of March to 10 million.


As MarketWatch reports the scale of the shutdowns of business in force, intended to help mitigate the spread of the deadly pathogen, is unprecedented and is having a substantial negative impact on the labor market and the broader economy.


 

To that end, 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.


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The sky isnt falling economically

The world will flock to the usa dollar as they always do in times of turmoil.

 

We will see many jobs that had been outsourced return to our soil.

 

We will see millions of jobs convert to work from home creating a more content work force as well as more competitive from a price stand point on the worlds stage.

 

We have said for 30 years we need a total rebuild of our infa structure. We will now see that as part if the stimulus package.

 

We will have the best bi-partisan discussion of health care to date.

 

Stronger than ever we shall emerge.

Watch and see.

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The sky isnt falling economically

The world will flock to the usa dollar as they always do in times of turmoil.

 

We will see many jobs that had been outsourced return to our soil.

 

We will see millions of jobs convert to work from home creating a more content work force as well as more competitive from a price stand point on the worlds stage.

 

We have said for 30 years we need a total rebuild of our infa structure. We will now see that as part if the stimulus package.

 

We will have the best bi-partisan discussion of health care to date.

 

Stronger than ever we shall emerge.

Watch and see.

:laugh

 

Nice one boat.

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