Wall Street downgrades economic forecasts

[DonViejo]

Courtenay Brown

JPMorgan says the economy will shrink by an annualized 1% next quarter, adding to a growing number of firms trimming estimates as the coronavirus rages.

Why it matters: It's the first major Wall Street bank that expects the economy will contract again as a result of the pandemic.

What they're saying: “This winter will be grim, and we believe the economy will contract again in 1Q,” JPMorgan economists wrote.

The economy "now faces the headwind of increasing restrictions on activity. The holiday season — from Thanksgiving through New Year’s — threatens a further increase in cases," they said.

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https://www.axios.com/jpmorgan-economic-forecast-contract-4bc6050e-371b-42c1-81f4-cfd6e9eb6b7c.html

[NRaleighLiberal]

1. so glad the orange one won't be pushing his winning on us any longer

[NCDem47]

2. True, but Trump and Senate Republicans want this econmy to be in shambles come January 20.

And they're working hard through inaction on COVID to make it that way.

Put Biden in a hole. A deep one that requires some sacrifices to get out of and is sure to piss off certain segments. Let Biden shoulder the feigned scorn and blame which will amp up to 11.

A-holes.

[empedocles]

3. Withholding stimulus will help their cause

[Cosmocat]

5. YEP - rinse and repeat

same thing they did with BC and BHO.

Full on, unmitigated scumbags.

[Yavin4]

4. Perfect timing for McConnell. He can lay the blame squarely on Biden's shoulders

without doing ANYTHING to help out.