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Federal Reserve Bank of Philadelphia President Patrick Harker told Yahoo Finance on Friday that the U.S. economy should brace for “very bad” data in coming quarters, predicting a sharp contraction in U.S. GDP for 2020 amid the COVID-19 lockdown.

In an interview with Yahoo Finance, Harker said his economic forecast can change depending on how quickly medical sciences can come up with ways to address the coronavirus.

“If that happens sooner, the damage is less, but right now we’re looking at year-over-year, probably around 5% hit on GDP,” he said.Harker said the economy could start to climb out of the negative figures in the third quarter, but could see unemployment reaching the “mid-teens.” Over a recent four-week period, over 22 million Americans filed for unemployment claims as businesses across the U.S. remain closed to avoid the spread of the novel coronavirus.Follow more information at>>pg slot

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