JPMorgan now forecasts economy contracting by 40%, unemployment to reach 20% in April [CNBC]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: CNBC
Eddie Rodriguez (R) and other City of Hialeah employees hand out unemployment applications to people in their vehicles in front of the John F. Kennedy Library on April 08, 2020 in Hialeah, Florida.Joe Raedle | Getty ImagesJPMorgan economists issued an even more dire forecast, now foreseeing a 40% decline in the nation's gross domestic product for the second quarter and a surge in April's unemployment rate to 20% with 25 million jobs lost.In an earlier forecast, they said second-quarter GDP would be down 25%.The economists, however, continue to see a second-half recovery, based on the assumption that disruptions from the pandemic fade by June. They note that the number of people seeking unemployment benefits has totaled 16.8 million in just three weeks."With these data in hand we think the April jobs report could indicate about 25 million jobs lost since the March survey week, and an unemployment rate around 20%," they wrote, "Given the expected hit to hours worked this quarter we now
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JPM
Earnings
- 10/14/25 - Beat
JPM
Sec Filings
- 12/5/25 - Form 424B2
- 12/5/25 - Form 424B2
- 12/5/25 - Form 424B2
- JPM's page on the SEC website