3/18, 7:43 PM (Source: TeleTrader)
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JPMorgan sees US GDP contracting 14% in Q2

JPMorgan Chase & Co. said on Wednesday it expects the United States economy to contract by 14% in the second quarter of 2020 and by 4% in the first three months of the year.

In the second half of the year, the financial giant expects the economy to rebound strongly and grow by 8% from June to September and 4% in the last quarter of the year. in 2020 overall, the Gross Domestic Product (GDP) will shrink by 1.5%, according to the latest estimate.

The unemployment rate will reach 6.25% by the middle of the year, it also projected, and decrease to 5.25% in December.

Breaking the News / NI