Brace for the deepest recession on record, says BofA analysts, as jobless claims surge to 6.6 million – MarketWatch
There are no parallels for the pandemic fueled slowdown that the U.S. economy is currently contending with, and that is forcing economists like those of Bank of America Global Research to forecast a decidedly grimmer outlook for the American economy than they offered just two weeks ago.
The BofA researchers on Thursday said the coming recession appears to be deeper and more prolonged than we were led to believe just 14 days ago when we last updated our forecasts, not just in the US but globally as well.
The April 2 research report, which includes star economist Michelle Meyer, comes as the number of Americans who applied for unemployment benefits last week soared by a record 6.6 million, bringing the increase in new jobless claims in the last two weeks of March to 10 million.
This is where I would insert the Captain Obvious meme I have seen on twitter. I was wondering the other day as I was finishing the rosary–what is this “to thee do we cry, poor banished children of Eve, to the do we send our cries, mourning and weeping in this vale of tears” — is it really that bad? Life seems kinda Ok to me. Alas, I spoke too soon. I think the thing is now to be brave for our kids, actual and commercially adopted, for those of us in private education. At any rate, attentive readers of this blog should be aware that I take a very dim view of the economic future, at least for the foreseeable future. For heaven’s sake, get your money out of the market. It’s going to go down more, a lot more. Of course, I don’t know what I’m talking about and you would be wise to disregard entirely everything that I say. But that’s what I did, several weeks ago. I broke the heart of my TIAA advisor: He said I was just “locking in my losses.” I was not sure if he thought I was an idiot, he was an idiot or he thought both of us were.