What You Can Expect From the Coronavirus Recession, According to Economists
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Although the powers that be have yet to formally declare the U.S. in a recession, it's not hard to see that the coronavirus crisis is decimating the economy.
The Bureau of Economic Analysis confirmed the damage Thursday, announcing that the U.S. gross domestic product decreased 5% in the first quarter of 2020. And that only refers to goods and services produced through the end of March — at which point the state shutdowns were only just beginning.
It's almost certain the numbers are going to get worse. But what may still be unclear is how a recession could affect you personally.
Everyone will be impacted in some way, according to Martha Gimbel, manager of economic research at Schmidt Futures. Recessions influence people's wallets and emotional health. But some consequences may be more tangible, and some demographics may be hit harder, than others.
"This is an economic situation in which almost nowhere is safe," Gimbel says.
Here are a few things you can expect.
You Might Lose Your Job
