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Business economists are taking a dim view of the economy in the second quarter of this year. The Washington Times reports:

A survey of U.S. business economists in mid-April found that one-third of their companies had shut down at least some of their operations, and two-thirds had laid off or furloughed workers or cut their pay to try to minimize the impact of the coronavirus.

The National Association for Business Economics reports in a survey released Monday that economic prospects have nosedived, with 86% of the 107 NABE members who were surveyed expecting a shrinking gross domestic product over the coming year. And for the first time since the Great Recession, which ended in 2009, more business economists reported falling sales than rising sales at their companies over the past three months.

NABE President Constance Hunter, the chief economist at KPMG, noted that the April survey “represents a very different world than the one we inhabited during the last survey in January.”

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