The US economy is already mired in a coronavirus-sourced recession, UCLA economists say
The US is already in the throes of a coronavirus-related recession that will last into September, economists at UCLA's Anderson School of Management said.
After starting 2020 strong,"escalating impacts of the coronavirus pandemic" have dragged first-quarter GDP growth to 0.4% and second-quarter growth to -6.5%, the economists said in aCalifornia will be hit harder than the rest of the nation and lose more than 280,000 jobs by the first quarter of 2021, they added.As numerous banks call for the US to enter a recession by the summer, economists at UCLA say they're already months late.
UCLA issued the revision after incorporating more recent economic data and reviewing the economic effects of the 1957-1958 H2N2 epidemic, according to a. After starting the year strong,"escalating impacts of the coronavirus pandemic" have dragged first-quarter gross domestic product growth to 0.4% and second-quarter expansion to -6.5%, the Anderson School of Management said.
The update was the forecast's first in its 68-year-history to arrive before its scheduled quarterly release.From serving burgers at Red Robin to 250 units: How James Dainard turned a clever real-estate-investing strategy into an empire - and made $1 million off a property that was 'just sitting there'
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