The full economic fallout stemming from novel coronavirus is yet to be determined, but the threat of a national recession looms on the horizon, a University of California Riverside economist said.
“This is unprecedented in nature and by far the worst threat facing the U.S. economic expansion since it began over a decade ago,” Chris Thornberg, director of the University of California Riverside’s Center for Economic Forecasting, said. “Will it end the expansion for the year? Whatever the scenario, from best to worst, we are definitely going to see a serious hit in the first half of 2020.”
Thornberg predicted that unemployment claims will necessarily jump in the coming weeks, while the real estate market will slump, along with business startups. With emergency health orders im