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Tag: US Economy and Markets

‘Painfully evident’ damage: Deutsche Bank now thinks the US economy will shrink by nearly 40% in the 2nd quarter following coronavirus loc...

"The extent of the economic damage wrought by Covid-19 and the related containment measures has become painfully evident," said Luzzetti.

Unemployment surged to 14.7% in April as the US lost a record 20.5 million jobs

The report showed just how quickly the coronavirus pandemic and the subsequent economic shutdowns decimated the US labor market.
Server Ayite Medji (right) waits on Gene and Julia Schatlock on the first day back to dine-in service at Roasters on April 27, 2020 in Atlanta, Georgia.

Morgan Stanley says the global economy is bottoming out, signaling a ‘sharper but shorter’ downturn than the great financial crisis

Morgan Stanley estimates that by mid-May, "54% of the [US] economy will be in a meaningful reopening phase," wrote economist Chetan Ahya.

Trump’s top economic adviser Larry Kudlow says oil prices should rebound as the economy opens

"It will, I hope, take care of itself. Markets will take care of themselves over time," Kudlow told CNBC in an interview Wednesday.

US home loan applications drop to the lowest since 2015 as the coronavirus pandemic continues to weigh on the housing market

"Economic weakness and the surge in unemployment continues to weigh heavily on the housing market," said Joel Kan of the MBA.
A trader works on the floor of the New York Stock Exchange during the afternoon of December 4, 2015 in New York City.

Dow jumps 800 points as investors see signs of coronavirus slowing

"The world has finally seen a glimpse of light at the end of this dark tunnel," said Hussein Sayed, chief market strategist at FXTM.

One Wall Street firm thinks the coronavirus-roiled stock market could fall another 20% this year

"There is worse to come, hard though that may be to imagine," said a group of analysts from TS Lombard.
Federal Reserve Chair Janet Yellen holds a news conference following day two of the Federal Open Market Committee (FOMC) meeting in Washington, U.S., December 14, 2016.

Janet Yellen warns coronavirus-hit US economy could contract 30% next quarter, says unemployment might already be 13%

"My hope is that we get back to business as usual as quickly as possible," said former Federal Reserve Chair Janet Yellen.
Jamie Dimon, CEO of JPMorgan Chase, takes part in a panel discussion about investing in Detroit at the Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., April 11, 2018.

Jamie Dimon tells shareholders he expects the coronavirus to cause a ‘bad recession’ and ‘financial stress similar to the global fin...

While JPMorgan is equipped to make it through the crisis, Dimon wrote that "our bank cannot be immune to the effects of this kind of stress."

These 7 charts show how brutal the March jobs report was, and signal further economic pain ahead

"These numbers were quite a gut punch," Martha Gimbel, an economist at Schmidt Futures, told Business Insider.