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U.S. now in recession expected to last until September, UCLA forecasts
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Latest News | FOX 2
articleThe U.S. economy is in a recession expected to last through September, according to a revised forecast released Monday by UCLA that reflects rapid changes brought on by the coronavirus.
The forecast predicts a resumption of normal activity in the fourth quarter, with GDP growth of 4%.
The full year expectation is for a 0.4% decline, with a full recovery to trend by 2022.
For California, given its larger reliance on tourism and trans-Pacific transportation, the downturn is expected to be more severe, according to the forecast.
Employment is expected to contract by 0.7% overall this year, with unemployment rising to 6.3% by the end of this year and increasing into 2021.
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