Goldman Sachs Group Inc. expects the U.S. economy to experience a far deeper slump than previously anticipated as the coronavirus pandemic hammers businesses, causing a wave of mass unemployment.

The world’s largest economy will shrink an annualized 34% in the second quarter, compared with an earlier estimate of 24%, economists led by Jan Hatzius wrote in a report. Unemployment will soar to 15% by mid-year, up from a previous forecast of 9%, they wrote.

The economists, however, now expect a stronger recovery in the third quarter, with gross domestic product expanding 19%.

“Our estimates imply that a bit more than half of the near-term output decline is made up by year-end,” they wrote. While there’s a risk of longer-term fallout on income and spending, the aggressive action by the Federal Reserve and the government should help to contain this.

The new forecasts come days after President Donald Trump extended U.S. “social distancing” guidelines to contain the virus until the of April, abandoning a plan for an earlier end.

Several major U.S. retailers are halting pay for hundreds of thousands of workers as they struggle to cope with the slump in demand caused by measures to control the spread of the …

With no sense of normalcy on the horizon, the fallout from the coronavirus raises countless pressing questions for Americans, one of them very simple: Does the U.S. have the supplies we need to combat the virus?

Fortune posed this question to Alex Gorsky, CEO of Johnson & Johnson, and Stan Bergman, CEO of Henry Schein.

J&J announced on Monday that its experimental coronavirus vaccine could be approved under emergency authorization by early 2021, with human testing possibly beginning by September 2020. “For us to have an impact in a meaningful time, we have to start ramping up our production,” Gorsky said of J&J’s preparation to produce the vaccine.

Between now and that vaccine’s release—during which America’s health system will be stressed much farther than almost anyone alive today has seen before—Gorsky said the only thing that will bring any sort of confidence is knowing that the virus can ultimately be contained.

“In the near term, we’ve got to continue to emphasize hygiene, quarantine, social distancing, to stop people from spreading this virus in the first place,” he said.

As the CEO of the world’s largest provider of products to dentists and office-based health care practitioners, as well as many clinics, …

Given the right STEM education and opportunities, future founders can accomplish global good.


4 min read

Opinions expressed by Entrepreneur contributors are their own.


“I walk on untrodden ground,” George Washington wrote 230 years ago. One of America’s greatest Founding Fathers was blazing a trail in which his actions (and their consequences) had no precedent.

Today, innovators and designers solve challenges that require new paradigms, processes and/or inventions for which there are no blueprints. As pioneers, they bear the risk of ruin from failure, while pursuing the lofty goal of changing the world. 

Our STEM Dilemma

Pioneers make progress possible, but in America, STEM education (science, tech, engineering and math) needs plenty of improvement. In 2015, 15-year-olds across the country ranked 38th in math and 24th in science out of 71 developed countries, according to Pew Research.

China, India, Russia and other developing countries are winning the race to produce future scientists, Nobel Prize winners and manufacturing supervisors. Small businesses create two-thirds of net new jobs. Therefore, entrepreneurship and STEM programs are important to America’s prosperity.

Related: Get Yourself an Entrepreneurial Education

Changes in Education Can Help

There are initiatives across America to grow innovation

Bank stocks had a big week.

The SPDR S&P Bank ETF (KBE) capped off a nearly 9% weekly gain on Friday, a sign to some that the worst could be over for the beleaguered group, which has shed over 39% since the market’s Feb. 20 peak.

The KBE fell almost 4% in Friday’s trading session, but the losses weren’t enough to seriously dent its weekly performance.

To Craig Johnson, senior technical research analyst at Piper Sandler, this could mean “the damage has already been done” in the group.

“There’s been a clear head-and-shoulders top that’s been made,” Johnson told CNBC’s “Trading Nation” on Friday. The chart pattern often signals a coming sharp drop.

“But … the downside objective has already been reached,” he said. “I look at that chart and I say we’ve got a relief rally in a move back to at least $30 on the KBE index.”

The KBE closed at $27.61 on Friday.

Johnson’s top pick of the group was a stock that spent most of Friday in decline after a downgrade from Bank of America Securities: JPMorgan Chase.

JPMorgan shares closed down more than 7% on Friday, at $91.13.

“No doubt that that is a

Good morning.

President Trump’s talk of reopening the economy on Easter, which he has now backed off of, has helped launched an important debate. At the moment, we seem stuck between two unrealistic alternatives: 1) a quick return to work, or 2) a widespread lockdown until a vaccine is ready (a year or more in the future). Both alternatives could lead to social and economic breakdown. But no one has articulated a clear vision for what the reasonable middle ground might look like.

What might it look like? The elements of a possible strategy are beginning to emerge. It will probably involve a nationwide lockdown that lasts at least through the end of May. Then, the return to work needs to roll out gradually, and include the following elements: continued protection/isolation for vulnerable populations; continued restrictions on large gatherings; increased production of protective equipment and ventilators; some proven therapies for treating the most vulnerable; priority given to those who can’t work from home over those who can; staggered start times to minimize rush hour crowding; widespread and rapid testing so new infections can be spotted quickly; sharp restrictions on travel so new infections can be isolated and contained; and

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