The forced closure of businesses across the United States and surge in unemployment due to the coronavirus pandemic will force U.S. growth to contract by 30% in the second quarter and 5% overall in 2020, Pacific Investment Management Co (PIMCO) wrote on Wednesday.
In a blog post, Tiffany Wilding, a North American economist at PIMCO, wrote that evidence from recent jobs reports suggests the unemployment rate may rise as high as 20%.
California-based PIMCO is one of the world’s largest investment firms with $1.91 trillion assets under management as of Dec. 31 2019. In spite of the already enormous spate of layoffs, the number of jobs lost is likely to continue to rise as more states close non-essential businesses. The figures are also expected to rise as unemployment offices work through a backlog of claims. Wilding notes that the government’s March employment report showed that layoffs had begun earlier than suggested by weekly unemployment data, and were spread across industries, including healthcare, which PIMCO had expected to remain resilient.
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