That number is annualised, still horrible though.

GS:

  • We now forecast real GDP growth of -9% in Q1 and -34% in Q2 in q/q annualized terms

Prior to this update GS were downbeat already, just not quite so much

  • vs. -6% and -24% previously

As for jobs, also ugly:

  • see the unemployment rate rising to 15% by midyear

Recovery? GS see Q3 GDP +19%, also annualised q/q.

And:

  • Our estimates imply that a bit more than half of the near-term output decline is made up by year-end