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JP Morgan slashes forecast for U.S. GDP, sees 14% second-quarter drop

Economic IndicatorsMar 18, 2020 03:16PM ET
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© Reuters. JP Morgan slashes forecast for U.S. GDP, sees 14% second-quarter drop

SAN FRANCISCO (Reuters) - The U.S. economy could shrink 4% this quarter and 14% next quarter, and for the year is likely to shrink 1.5%, a JP Morgan economist said on Wednesday, in one of the most dire forecasts yet issued for the potential hit from the coronavirus epidemic.

U.S. chief economist Michael Feroli also forecast unemployment to rise to 6.25% by the middle of the year before easing to about 5.25% by year end as economic growth restarts. The forecast assumes the Fed will continue to find "creative" ways to support the economy and that the Trump administration and Congress deliver fiscal support of $1 trillion.

JP Morgan slashes forecast for U.S. GDP, sees 14% second-quarter drop
 

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Comments (14)
Wojciech Stefaniak
Wojciech Stefaniak Mar 18, 2020 7:09PM ET
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JP Morgan - 50/50, anytime somebody is right.
greg mason
greg mason Mar 18, 2020 6:48PM ET
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Economy will start to change slowly back to normal sometime in August 2020 from my study. Stay Safe!
Not A Trader
Not A Trader Mar 18, 2020 6:02PM ET
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Now that JPM spells doom - it is tome to go Long
Brad Dover
Brad Dover Mar 18, 2020 5:15PM ET
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the MAGA economy keeps on giving
Not A Trader
Not A Trader Mar 18, 2020 4:06PM ET
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Don’t listen to the Economists ... they understand less than you are
Eloy Rodrigo
Eloy Rodrigo Mar 18, 2020 4:05PM ET
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Congratulations politicians for annihilating what you were required to support, the society's fabric; congratulations media for your misusing of the word's and information power in throwing nations in turmoil and poverty instead of informing people that this virus would harm only 3% of the worts infected ones.
Not A Trader
Not A Trader Mar 18, 2020 4:05PM ET
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100%
Marcello Bianchi
Marcello Bianchi Mar 18, 2020 4:05PM ET
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actually depends a lot about: 1) intensive care units, around 10/15% of those who got the virus needs to have one, otherwise % of death will rise 2) How much elders and how fit the population is, Europe got a lot of Elders, US a lot of obeses. Dont underestimate it.
Frederic Martin
Frederic Martin Mar 18, 2020 4:05PM ET
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You don’t seem to understand the gravity of this virus. It is extremely contagious (like the common cold or worse) and 2-3% dead when 70% of the country get it is a ***ton of peopleThere is no more containing the virus now tho, most everyone will get it, now the problem is reducing the speed of transmission, hence the european forced quarantine.It is already too late and is spreading everywhere taking the life of 2% of people, you need to x10 or x20 the numbers of cases you see on TV for the real picture.
jc li
jc li Mar 18, 2020 4:03PM ET
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when way the last time these high paid analysts get it right? they are here for entertainment purpose only
Marcos Lopez
Marcos Lopez Mar 18, 2020 4:03PM ET
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it's creates a ripple in the wave.
Yudiansyah Adhi
Yudiansyah Adhi Mar 18, 2020 4:01PM ET
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but other countries even worse
Mar 18, 2020 3:40PM ET
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DIRE!
Not A Trader
Not A Trader Mar 18, 2020 3:40PM ET
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It will all be OK... don’t panic
Not A Trader
Not A Trader Mar 18, 2020 3:40PM ET
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Pay no attention to JPM economist forecasts
Pamp da Stonks
Pamp da Stonks Mar 18, 2020 3:37PM ET
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1.5% ?? apocalypse! sell all while you can!
Not A Trader
Not A Trader Mar 18, 2020 3:37PM ET
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Haha :)
Richie Berg
Richie Berg Mar 18, 2020 3:34PM ET
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The world can only end once, and this isn't it.
Alan Rice
Alan Rice Mar 18, 2020 3:32PM ET
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The End is near.
Herra Peruna
Herra Peruna Mar 18, 2020 3:32PM ET
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Yes for usa, china is worlds number one economy now
Mike ND
Mike ND Mar 18, 2020 3:32PM ET
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Herra Peruna China is the worlds number one petri dish but thats about it.
Elton Musk
EltonMusk Mar 18, 2020 3:30PM ET
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Just a month ago the talking heads were saying buy AAPL at $320
Dean Bravos
Dean Bravos Mar 18, 2020 3:30PM ET
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Before Corona dummy
Herra Peruna
Herra Peruna Mar 18, 2020 3:30PM ET
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Did you buy?
yahya alzain
yahya alzain Mar 18, 2020 3:30PM ET
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if u ve already bought i think just relax to 3rd quarter. anyways most of ppl 'd be in similar situation
Irvin Ramirez
Irvin Ramirez Mar 18, 2020 3:30PM ET
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they do this for the uneducated people, they buy, they crash everything and they win. cheaper prices boom.
 
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