Bank of America says the recession is already here: ‘Jobs will be lost, wealth will be destroyed’

[tacobell fan]

• Bank of America said the U.S. is now in a recession.
• “We are officially declaring that the economy has fallen into a recession ... joining the rest of the world, and it is a deep plunge,” the firm said in a note to clients Thursday.
• “Jobs will be lost, wealth will be destroyed and confidence depressed,” the firm added.

[tacobell fan]

 

Bank of America warned investors on Thursday that a coronavirus-induced recession is no longer avoidable — it’s already here.

“We are officially declaring that the economy has fallen into a recession ... joining the rest of the world, and it is a deep plunge,” Bank of America U.S. economist Michelle Meyer wrote in a note. “Jobs will be lost, wealth will be destroyed and confidence depressed.”

The firm expects the economy to “collapse” in the second quarter, shrinking by 12%. For 2020, the firm expects GDP to contract by 0.8%.

Bank of America looked at the labor market as a way to understand the “magnitude of the economic shock.” The firm expects the unemployment rate to nearly double, with roughly 1 million jobs lost each month of the second quarter for a total of 3.5 million.

The coronavirus outbreak has already sent global markets into a tailspin as travel comes to a near standstill and businesses shut their doors. The S&P 500 and Dow Jones Industrial Average are currently trading in bear market territory, and now sit around 30% below their all-time high levels from just last month.

And Bank of America said it’s only going to get worse. The firm sees a trough in April, followed by a “very slow return to growth thereafter with the economy feeling somewhat more normal by July.”

“Although the decline is severe, we believe it will be fairly short lived,” the firm added.

As the economy continues to face uncharted territory, Meyer said “salvation” will come from aggressive action. “When it comes to the policy response, there should be no upper bound for the size of stimulus, in our view,” she said.

[Tomb__ayya]

donga naa kodakallara, recession thappadani thelisi, face save chesukodaniki virus create chesi, daani valle ani cheppi, plus prathi sari recession ku developed countries ye andhuku suffer avvali, developing and strong economy unna countries kuda matta gudisi poavali ani emi sketch ra, thu. motham world-wide media ni manage chesi bhale gabbu leparu kadha ra

 

[tacobell fan]

6 minutes ago, Tomb__ayya said:

donga naa kodakallara, recession thappadani thelisi, face save chesukodaniki virus create chesi, daani valle ani cheppi, plus prathi sari recession ku developed countries ye andhuku suffer avvali, developing and strong economy unna countries kuda matta gudisi poavali ani emi sketch ra, thu. motham world-wide media ni manage chesi bhale gabbu leparu kadha ra

[siru]

27 minutes ago, tacobell fan said:

 

Bank of America warned investors on Thursday that a coronavirus-induced recession is no longer avoidable — it’s already here.

“We are officially declaring that the economy has fallen into a recession ... joining the rest of the world, and it is a deep plunge,” Bank of America U.S. economist Michelle Meyer wrote in a note. “Jobs will be lost, wealth will be destroyed and confidence depressed.”

The firm expects the economy to “collapse” in the second quarter, shrinking by 12%. For 2020, the firm expects GDP to contract by 0.8%.

Bank of America looked at the labor market as a way to understand the “magnitude of the economic shock.” The firm expects the unemployment rate to nearly double, with roughly 1 million jobs lost each month of the second quarter for a total of 3.5 million.

The coronavirus outbreak has already sent global markets into a tailspin as travel comes to a near standstill and businesses shut their doors. The S&P 500 and Dow Jones Industrial Average are currently trading in bear market territory, and now sit around 30% below their all-time high levels from just last month.

And Bank of America said it’s only going to get worse. The firm sees a trough in April, followed by a “very slow return to growth thereafter with the economy feeling somewhat more normal by July.”

“Although the decline is severe, we believe it will be fairly short lived,” the firm added.

As the economy continues to face uncharted territory, Meyer said “salvation” will come from aggressive action. “When it comes to the policy response, there should be no upper bound for the size of stimulus, in our view,” she said.

bofa gadu vadi bailouts kosam baga trying   no upper limit anta

[r2d2]

Ok .. only the wealthy need to worry...😀

[tacobell fan]

Just now, r2d2 said:

Ok .. only the wealthy need to worry...😀

[r2d2]

Just now, tacobell fan said:

Neekem BABU..inko strip mall koni padestaav...

[tacobell fan]

2 minutes ago, r2d2 said:

Neekem BABU..inko strip mall koni padestaav...

[r2d2]

 

[tacobell fan]

4 minutes ago, r2d2 said:

 

Manchi doctor kuda dorike time kadu idi. Veedini chusthe emo ila. Papam.

[r2d2]

Just now, tacobell fan said:

Manchi doctor kuda dorike time kadu idi. Veedini chusthe emo ila. Papam.

Aayana pothaaru

[psycopk]

40 minutes ago, Tomb__ayya said:

donga naa kodakallara, recession thappadani thelisi, face save chesukodaniki virus create chesi, daani valle ani cheppi, plus prathi sari recession ku developed countries ye andhuku suffer avvali, developing and strong economy unna countries kuda matta gudisi poavali ani emi sketch ra, thu. motham world-wide media ni manage chesi bhale gabbu leparu kadha ra

 

Bubble burst ki recession ki teda kanipistaleda samara.. this one is purely due to lack of economic activity 

[soldier]

California lo schools end of the year varaku closed anta kada. Wtf

[tacobell fan]

2 minutes ago, soldier said:

California lo schools end of the year varaku closed anta kada. Wtf

End of the year ante Fiscal Year ani meaning emo which is until June. Not the Calendar year I guess.