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