Thornberg: Despite ‘eye-popping’ numbers, COVID-19 recovery is well underway
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.