It may be the economy’s make or break moment.
Mark Zandi of Moody’s Analytics is getting increasingly worried states are taking a large gamble by reopening businesses too quickly.
He warns a spark in new coronavirus infections would send the economy further into tailspin — especially since there’s no vaccine.
“If we get a second wave, it will be a depression,” the firm’s chief economist told CNBC’s “Trading Nation” on Friday. “We may not shut down again, but certainly it will scare people and spook people and weigh on the economy.”
Zandi defines a depression as 12 months or more of double digit unemployment.
On Friday, the Labor Department reported the April jobless rate soared to 14.7%, and non-farm payrolls tumbled by 20.5 million. Both sets of employment data are post-World War II records.
Fed’s Kashkari Says Worst Is Yet to Come, Congress Must Step Up
Americans should brace for even more gut-wrenching news on unemployment amid the coronavirus pandemic, and Congress should consider providing more help, said Federal Reserve Bank of Minneapolis President Neel Kashkari.“The worst is yet to come on the job front, unfortunately,” he said…
SOROS: Capitalism changed forever; Trump destroying self; ‘End of EU’…
This Bond Market Signal Indicates the Bear Market Isn’t Over Yet
The price action of high-yield corporate bonds will signal to investors when the bear market triggered by the coronavirus pandemic is truly at its bottom, according to Longview Economics.
Treasury Secretary Warns of ‘Permanent Economic Damage’ if US Doesn’t Reopen
Treasury Secretary Steven Mnuchin said on May 10 that reopening the economy must be done in a strategic way, but he stressed that “permanent economic damage” might be done if lockdown measures aren’t lifted.
Why these economists say the recovery will be L-shaped
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LIST: BEST AND WORST CITIES FOR RECOVERY…
DC GOOD; VEGAS BAD?
California cases rising more than expected…
White House aides rattled after infections strike inner circle…
3 members of virus task force in quarantine…
Fauci reverses course, won’t appear in Senate…
DR BIRX: ‘Nothing from CDC I can trust’…
President tries to convince Americans it’s safe to inch back to normal…
Trump’s biggest gamble…
Whistle-Blower Exposes Animus…
Fight Over Death Toll Opens Grim New Front in Election Battle…
Older Voters Grow More Wary…
Schumer calls on VA to explain use of unproven drug on vets…
Don’t look to stock market to tell you when outbreak over…
Virus found in feces more than month after patient tests negative…
Mysterious New Symptoms Appear…
MAG: The dark decade ahead…
Queen of England may never return to royal duties…
Could remain quarantined in Windsor ‘indefinitely’…
U.S. DEATHS: 79,526…
WORLD SICK MAP…
AMERICA SICK MAP