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
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.