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T.H.E.M.
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A 2nd wave of US virus cases will plunge the economy into a depression, Moody’s economist says
- A second wave of coronavirus cases would quash hopes for a swift recovery and push the US into a depression, Mark Zandi, the chief economist at Moody’s Analytics, told CNBC on Friday.
- States have begun reopening their economies to keep businesses afloat, but public-health experts have said that a return to pre-virus norms could drive a surge in new infections.
- Zandi defined a depression as at least a year of unemployment above 10%. Labor-market data released Friday showed that the joblessness rate spiked to 14.7% in April.
- The US economy sits in “quicksand” until a vaccine can reverse the damage to consumer confidence and business operations, Zandi added.
- Visit Business Insider’s homepage for more stories.
What many view as the cure to the current economic downturn could spur a far worse outcome, said Mark Zandi, Moody’s chief economist.
Several states have begun rolling back restrictions to reinvigorate economies slammed by the coronavirus pandemic. The gradual reopenings are meant to keep businesses afloat and stem additional job losses, but public-health experts have said that a premature return to norms risks a second wave of infections. Zandi shares the concern, telling CNBC’s “Trading Nation” on Friday that another outbreak would mean a much slower recovery…..More Here
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