The United States is already in a recession and will remain that way for the first half of the year, according to a survey of 45 economists.
The economists predict a sharp, short recession for the first half of 2020 as the coronavirus pandemic"severely restricts economic activity," the survey from the National Association for Business Economics found.Economic growth likely fell at a rate of 2.4% in the first quarter, the NABE anticipates, and will decline a staggering 26.5% in the second quarter.The US labor market will also take a major hit as the coronavirus outbreak shutters businesses.
Consumer spending accounts for roughly 70% of economic growth.Read MoreDespite the abrupt downturn, the economists are optimistic the economy will bounce back in the latter half of 2020, growing at a rate of nearly 6% by the end of the year."The median forecast suggests conditions will improve by the end of the year with support from aggressive fiscal and monetary stimulus," said NABE President Constance Hunter.The Federal Reserve on Thursday announced an additional $2.
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