The firm continues with the doom and gloom scenario

  • Expects real GDP in advanced economies to contract very sharply in Q2
  • That includes a 24% drop in the US
  • Based on partial count of state releases, estimates that 2.25 million Americans filed an initial jobless claim last week

We've heard these predictions previously here and here during the course of the week. But make no doubt, the jobless claims report this week is going to be a real shocker.

The peak during the 2008-09 crisis was 665K and the release this time around should comfortably exceed that with expectations to double at the very least.