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Virus Could Drag US GDP to -13%, Spike Jobless Rate to 9%: IHS

Where are fashion’s priorities? How sustainability will fare post pandemic is just one of many open questions. Join SJ on July 15 at 11 am for a webinar on how the crisis will affect future sourcing decisions and how to better measure progress.

As the coronavirus cuts through the U.S. economy, IHS Markit warned on Friday that second-quarter gross domestic product (GDP) will plunge to negative 13 percent. Joel Prakken, chief U.S. Economist at IHS Markit, forecast GDP to contract 1.7 percent in 2020 year over year, while unemployment approaches 9 percent by December and inflation slips to…

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