Recession Is Already Here, <br />Declares Bank of America The statement was made in <br />a message to Bank of America <br />investors on Thursday. Michelle Meyer, Bank of America, via CNBC The note further indicated that Bank of America <br />is expecting a "collapse" of the U.S. economy, <br />with a decline of 12 percent <br />in the second quarter. Michelle Meyer, Bank of America, via CNBC Bank of America considered the <br />grim labor market report released on <br />Thursday to make its judgement on the <br />"magnitude of the economic shock." The firm is expecting the decline <br />to be short-lived but "severe," with <br />unemployment nearly doubling in the coming weeks. The note went on to predict a <br />“very slow return to growth [after April] with <br />the economy feeling somewhat more normal by July.”
