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The US economy has officially entered a recession

Analysts say coronavirus crisis will be short

The US economy has officially entered a recession

After US markets completed the longest growth in history, Bank of America officially announced that the US economy had entered a recession. According to CNBC, the trigger for this was the epidemic of coronavirus infection.

“We officially declare that the [US] economy has fallen into recession and is joining the rest of the world, and this is a deep dive,” said Bank of America economist Michelle Meyer.

In her opinion, the United States is facing increased unemployment, loss of population savings, and, as a result, worsening consumer sentiment. The bank estimated that US unemployment growth will double in the near future, and the number of unemployed will grow by about a million people a month throughout the second quarter, reaching 3.5 million as a result.

At the same time, Bank of America believes that the crisis will be short-term, and negative factors may weaken their influence by July 2020.

Recall that it became known earlier that over the next three weeks, every adult citizen of the United States will receive one thousand dollars, and each child — five hundred as part of the government-initiated program to support the population in the context of the coronavirus pandemic.

Also, earlier in the United States, clinical trials of a vaccine to protect against a new coronavirus were started — 45 young healthy volunteers were invited to test.

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