4 economists break down what it's like to forecast a major recession - Business Insider

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'A fool's game': 4 economists break down what it's like forecasting the worst downturn since the Great Recession

US gross domestic product estimates have also been used to project what may happen with job losses, Heidi Shierholz, a senior economist at the Economic Policy Institute, told Business Insider.

"As their forecasts have deteriorated, our jobs numbers have deteriorated," said Shierholz. "I wonder if it makes us look weird," she said. "But that's what we're doing, and that's where it is now." Economists are also dealing with the same shift facing the majority of Americans — working from home, away from the usual office spaces and closer to family.

"I have spent a lot more time hearing about and thinking about the medical side of this," Jason Thomas, chief economist at AssetMark, told Business Insider. "I've been more frustrated with the medical side, the guidance," he said. "I come at this with a huge amount of humility as anyone should," said Shierholz. "These numbers have been a moving target."

 

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