US economy could face largest quarterly contraction in history – Bullard
$2.5 trillion in national income might be wiped out due to essential “throttling down” measures
The US economy could face its largest quarter-on-quarter economic contraction in history due to the necessary restrictive measures used to contain the spread of the coronavirus, warns James Bullard, president of the Federal Reserve Bank of St Louis.
The economy may lose roughly $2.5 trillion in national income during the second quarter of this year, Bullard estimates. He also expects 30% of the workforce, or nearly 50 million people, to be forced to rely on employment insurance during the
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