Is the US already in a recession?
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Market Watch Reports: Echoes of the Great Depression? U.S. economy could post biggest contraction ever
The coronavirus is hitting our economy harder than we expected - are we going to enter another depression?
We are facing a serious economic crisis that could rival the Great Depression of the 1930s.
Wall Street forecasters have been slashing their estimates frantically as the damage mounts. JP Morgan is the most pessimistic, predicting a stunning 14% annualized decline in gross domestic product in the three-month period running from April to June.
Other predictions aren't far off from JP Morgan's. The Deutsche Bank predicts GDP will shrink by 13% in the second quarter. Oxford Economics predicts a 12% change with a loss of 1 million jobs. Capital Economics predicts a 10% decline. Most economists are unsure if the economy will rebound, but Trump is convinced that economy will take off like a "rocket" once the virus is under control.
The Trump administration is primed to pump more than $1 trillion in aid to businesses and consumers to try to help the economy weather the storm. Sales are plunging, layoffs are surging and the Dow Jones Industrial Average DJIA, 1.970% has lost one-third of its value in just three weeks.
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