Recession Is Already Here, Declares Bank of America The statement was made in a message to Bank of America investors on Thursday.
Michelle Meyer, Bank of America, via CNBC The note further indicated that Bank of America is expecting a "collapse" of the U.S. economy, with a decline of 12 percent in the second quarter.
Michelle Meyer, Bank of America, via CNBC Bank of America considered the grim labor market report released on Thursday to make its judgement on the "magnitude of the economic shock." The firm is expecting the decline to be short-lived but "severe," with unemployment nearly doubling in the coming weeks.
The note went on to predict a “very slow return to growth [after April] with the economy feeling somewhat more normal by July.”