US economy will contract 40% in Q2 - JP Morgan

Omkar Godbole FXStreet Contributor

JP Morgan predicts that the US economy would contract by a staggering 40% in the April to June period, forcing 25 million people out of job due to the worsening coronavirus outbreak.

A few weeks ago, the investment bank had forecasted a 25% contraction in the second quarter.

The U.S. has surpassed Italy as the country with the highest number of coronavirus deaths. The world's biggest economy has recorded than 21,000 fatalities, according to NBC news figures.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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