MANHATTAN. The Manhattan skyline stands in the distance as people try to get some time outside in Brooklyn, New York City, on April 4, 2020. Photo by Spencer Platt/Getty Images/AFP
NEW YORK, USA – The month of March opened with United States unemployment near a 50-year low and concluded with countless companies turning to Washington for help as theQuarterly earnings season – which kicks off this week with reports from major banks – will provide the first full accounting of how the COVID-19 crisis affects corporate America.
While the reports will no doubt be weak, it is difficult to know exactly how bad the 1st quarter results will be because the first two months of the year saw fairly strong economic activity that was halted in sudden and dramatic fashion in March as governments imposed lockdown orders to halt the spread of the virus.
Analysts expect companies in the S&P 500 to report a drop in profits ranging from 6% to 15%. The outlook is much worse for the 2nd quarter, when the decline is expected to be at least 18%. Adding to the uncertainty: numerous companies have withdrawn their earnings forecasts amid the fog over how long much of the US economy will remain in a state of suspended animation.Over the course of March, the US economy sustained an almost unimaginable series of blows.
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