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Economists think coronavirus could push unemployment above Great Depression levels. Here’s why the pain won’t be as prolonged this time.

Issuing state and local aid before possible budget deficits can help avoid "a huge drag on the economy," an Economic Policy Institute director said.

Nobel-winning economist Paul Krugman sees unemployment soaring to 20% in a matter of weeks

"Balance sheet damage will hinder recovery even when the virus subsides," Krugman said, adding state governments require more aid to fuel a rebound.

America’s historic unemployment numbers show the pre-coronavirus economy was more vulnerable than anyone thought

Fragile state budgets, sluggish aid flows, and crumbling infrastructure for unemployment claims threaten to deepen an already likely recession.
A view of a mostly empty Western Avenue near Pike Place Market during the coronavirus disease (COVID-19) outbreak in Seattle, Washington, U.S. March 31, 2020.

JPMorgan: The best possible outcome for a quick market recovery is shaping up as signs emerge globally

Markets with "direct policy backstops" stand to rebound fastest, but those with a more U-shaped trend still present value to investors, JPMorgan said.

Economists forecast a record 3.5 million more people filed for unemployment last week amid the coronavirus shutdown

The bleakest prediction among those surveyed by Bloomberg was 6.5 million claims, about double the record 3.3 million in last week's report.
The Reflecting Pool which has been drained for maintenance is seen in front of the Washington Monument in Washington, DC on March 26, 2020.

Goldman Sachs slashes forecasts for next quarter, now sees 34% GDP contraction and 15% unemployment

"Sky-high jobless claims numbers" and the $2 trillion stimulus bill contributed to Goldman's forecast of "a deeper trough" and "a bigger rebound."

The recession alphabet: How analysts are using letters to project the economy’s recovery from coronavirus

A V-, U-, or W-shaped recovery brings activity back to past highs, while an L- or I-shaped drop characterizes a prolonged economic recession.
EU Commissioner Georgieva holds a news conference in Brussels

IMF chief says the global economy is already stuck in a coronavirus-fueled recession — and only a coordinated worldwide effort will save it

Countries should use their entire policy arsenal to combat the virus, Kristalina Georgieva, chairwoman of the International Monetary Fund, said.
A man with a face mask crosses a street in Brooklyn, New York, United States on March 25, 2020.

JPMorgan slashes its GDP forecast for next quarter, now sees a 25% contraction and an imminent recession despite ‘Herculean’ stimulus meas...

The bank kept its estimates for an economic rebound in the second half of 2020, noting tight financial conditions offset hopes for a sharp recovery.
A lone person walks in the rain in a mostly deserted Times Square following the outbreak of Coronavirus disease (COVID-19), in the Manhattan borough of New York City, New York, U.S., March 23, 2020. REUTERS/Carlo Allegri

US economic activity tanks the most since 2009 as the coronavirus fuels an all-but-certain recession

Newly released data "underscores how the US is likely already in a recession that will inevitably deepen further," analytics firm IHS Markit said.