Economics
Economists Expect U.S. Unemployment to Hit a Post-Depression Record
- Bloomberg survey: 25% drop in 2Q GDP, 12.6% jobless rate
- Recovery in economy will be both deliberate and moderate
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Economists expect the U.S. to suffer its largest-ever contraction this quarter and the unemployment rate to soar to a post-Depression record, followed by a recovery that will be moderate and drawn out.
Gross domestic product will plummet an annualized 25% from April through June after a smaller setback in the first quarter and the jobless rate will hit 12.6%, the highest since the 1940s, according to the median forecasts in Bloomberg’s monthly survey of 69 economists.