- Mark Zandi, chief economist at Moody’s Analytics says a second wave of coronavirus cases would quash hopes for a swift recovery and push the US into a depression.
- Zandi defines a depression as at least 12 months of unemployment above 10%.
- States have begun reopening their economies to keep businesses afloat, but public health experts warn a return to norms too quickly could drive a surge in new infections.
- Zandi said, “We may not shut down again, but certainly it will scare people and spook people and weigh on the economy. That would be the fodder for a depression.”