CNBC's Kelly Evans is joined by Ellen Zentner of Morgan Stanley to discuss the outlook for the U.S. economy amid the coronavirus pandemic. The odds of slipping into a recession are increasingly likely as the global coronavirus outbreak puts acute stress on the U.S. economy. That could be bad news for American workers, who may lose jobs by the millions in a downturn. For those workers who don’t receive severance pay, the financial impact could be especially devastating. “It’s really hard to predict how it’s going to play out,” said Wayne Outten, founder and chair of Outten & Golden, an employment law firm in New York, of the coronavirus fallout. “The ripple effect can be dramatic in so many different industries.” The coronavirus, which causes a disease officially known as COVID-19, has spread rapidly around the globe since it originated in China late last year. More than 169,000 people have been infected worldwide, and more than 6,500 have died. Financial markets have cratered. American life has come to a screeching halt, as schools and cultural institutions have closed, sports leagues have suspended their seasons, major events have been canceled and state officials have moved to ban large gatherings. Officials from major cities like New York have ordered bars and restaurants to close to limit community spread.
6:15/ 8:31
Zentner on the economy
Q2 numbers
- Drop of 30.1% in GDP
- Drop of 700,000 in March nonfarm payrolls
- Unemployment rate to average 12.8%
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