- A second wave of coronavirus cases would quash hopes for a swift recovery and push the US into a depression, Mark Zandi, the chief economist at Moody’s Analytics, told CNBC on Friday.
- States have begun reopening their economies to keep businesses afloat, but public-health experts have said that a return to pre-virus norms could drive a surge in new infections.
- Zandi defined a depression as at least a year of unemployment above 10%. Labor-market data released Friday showed that the joblessness rate spiked to 14.7% in April.
- The US economy sits in “quicksand” until a vaccine can reverse the damage to consumer confidence and business operations, Zandi added.
READ Powell: We don't expect to win district court cases [Obama judges], but we are clear on the law and expect to succeed on appeal, possibly in the Supreme Court