U.S. economic outlook grows dimmer, gradual recovery to follow
An already-dim near-term U.S. economic outlook has grown murkier in the recently-conducted Reuters poll of economic analysts. Though recuperation is still possible, the U.S. economy may take a long time to fully regain its momentum.
Recent records indicated the colossal damage of the coronavirus pandemic, with 4.4 million diagnoses worldwide and the U.S. unemployment rate hitting a 14.7% record last month. The reading came to be the most extreme record, beating the 10.8% surge monitored in November 1982.
U.S. gross domestic product (GDP) was forecast to decline to an unprecedented 35.0%, following a contraction of 4.8% in the first quarter. The current forecast placed above the previous prediction of 30.0% in April and may advance further to 41.5% should the pandemic brought in more economic disruptions.