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JPMorgan expects the US economy to shrink in the first quarter of 2021 as new lockdown measures cut into economic activity.

Economists led by Michael Feroli lowered their first-quarter gross domestic product forecast to -1% on Friday, making JPMorgan the first major bank to call for a contraction at the start of 2021.

Soaring COVID-19 cases and new restrictions on businesses are freezing activity as the recovery was already showing signs of slowing. While initial summer reopenings provided a key boost, “the economy no longer has that tailwind,” JPMorgan said. The current leap in cases will details ⇒

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