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JPMorgan forecasts US could be in recession by July: report

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On Thursday, CNBC contributor James Pethokoukis reported that JPMorgan has revised its GDP forecast to -2 percent annualized growth in the first quarter of 2020, and -3 percent in the second.

The forecast assumes the government will enact a $500 billion fiscal stimulus, and suggests that growth could return to positive in the third quarter if the spread of coronavirus slows.

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A recession has traditionally been defined as a period of two or more consecutive quarters of negative annualized GDP growth. However, the National Bureau of Economic Research no longer follows this standard, instead defining a recession as, “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”

By either definition, if the JPMorgan forecast holds, the U.S. economy could be declared in recession as soon as July.


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DC mayor trolls Trump by lighting ‘Black Lives Matter Plaza: ‘We turned on the night light for him’

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2020 Election

It’s Donald Trump vs Joe Biden: Associate Press reports former VP has clinched the DNC nomination

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The 2020 general election campaign between two top parties has unofficially been set.

"Joe Biden formally clinched the Democratic presidential nomination Friday, setting him up for a bruising challenge to President Donald Trump that will play out against the unprecedented backdrop of a pandemic, economic collapse and civil unrest," the AP reported Friday. "The former vice president has effectively been his party’s leader since his last challenger in the Democratic primary, Bernie Sanders, ended his campaign in April. But Biden pulled together the 1,991 delegates needed to become the nominee after seven states and the District of Columbia held presidential primaries Tuesday."

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Trump retweets right-wing video attacking George Floyd’s character — hours after calling it a ‘great day’ for Floyd

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On Friday, President Donald Trump retweeted a video from right-wing commentator Glenn Beck, which appeared to question the wisdom of calling George Floyd a "hero" — and concurring with Black GOP commentator Candace Owens, who said it "sickens me" he is being "held up as a martyr."

Disgusting. pic.twitter.com/JCJWEFYZww

— David Gura (@davidgura) June 6, 2020

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