By Tyler Durden | 9 May 2020
ZERO HEDGE — The latest jobless print and unemployment figures are truly historic, tens of millions of Americans are out of work, and the real economy has crashed to depression levels. President Trump is attempting to reopen the severely damaged economy and force a V-shaped recovery by the time the presidential election is seen this fall. However, that is wishful thinking as the probabilities of an economic recovery are slim to none as hard data reveals the crash is one of the worst on records — it will not be until the back-half of the year that the true extent of the downturn will be realized.
This summer will be challenging for millions of folks, as high unemployment, continued economic turmoil, and household deterioration suggests a revival of the economy will likely not be seen.
In late April, Scott Minerd, the CIO of Guggenheim Investments, said a recovery in the economy could take upwards of four years and “to think that the economy is going to reaccelerate in the third quarter in a V-shaped recovery to the level where the gross domestic product (GDP) was prior to the pandemic is unrealistic.” […]