Dreadful Data

In 20Q1, GDP declined at an annualized rate of 4.8%. This means that GDP declined at a rate of 8.8% in just March after growing at 2% in January and February. This suggests that in April, GDP will decline by at least 20%, in May by another 10% and by June hopefully growth rises to 0%. That sums to an annualized rate of -30% in 20Q2. No V-shaped recovery.

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