Several months into the pandemic, COVID-19 has spawned 40 million cases across the globe and caused one million deaths. In the U.S. alone, a quarter-million coronavirus fatalities are expected by year’s end.

Also in the U.S., gross domestic product sank 11% from the fourth quarter to the second quarter — the biggest drop in economic activity ever seen in the United States. At one point, the unemployment rate approached 15%.

Renowned economist Christopher Thornberg reviewed these “eye-popping” numbers Wednesday during the California Apartment Association’s Orange County Outlook 2020 virtual event.

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