Bank of America U.S. Economic Outlook 4 Months Into Coronavirus

It’s been 4 months since coronavirus got serious in the U.S. It’s felt more like a year, and we’ve had 47.7 million jobless claims from early March until last Thursday.

Needless to say, the NBER declared a recession earlier this month. Here’s a twitter thread for those interested in how recessions get declared.

THREAD:

On NBER saying today that America entered a recession in March (and exactly how NBER defines a recession)…

Peak monthly U.S. economic activity occurred in February 2020, marking end of an expansion that began in June 2009 and the beginning of a recession.

— Julian Hebron (@TheBasisPoint) June 9, 2020

BANK OF AMERICA BREAKDOWN OF CORONAVIRUS STIMULUS

BANK OF AMERICA U.S. ECONOMIC OUTLOOK

Below are a few key datasets on the economic outlook from Bank of America’s economics team as of this week. And here are a few highlights I think are worth calling out.