JPMorgan predicts US headed into a recession

JPMorgan Chase & Co. said it expects the US economy to fall into a recession this year after accounting for the likely impact of tariffs announced this week by the Trump administration.

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"We now expect real GDP to contract under the weight of the tariffs, and for the full year, we now look for real GDP growth of -0.3 per cent, down from 1.3 per cent previously," the bank's chief US economist, Michael Feroli, said on Friday in a note to clients.

Hiring to suffer