"The United States is suffering the most abrupt and widespread cessation of economic activity in its history, hurtling toward a recession that could mean lost jobs, income and wealth for millions of Americans," Washington Post's David Lynch writes.
"The problem is everyone in America is cutting back their consumption. A lot of sectors are being hit, especially the services sector. A lot of income and spending is being reduced. That's just an enormous shock to the economy." - Jason Furman, who chaired the Council of Economic Advisers in the Obama administration, says.
In Las Vegas, MGM Resorts (NYSE:MGM) said Friday it would begin layoffs next week. "Business demand has decreased significantly," CEO Bill Hornbuckle wrote in a letter to employees.
The economic damage could be massive. More than 18M Americans work in industries that are being hurt by efforts to contain the virus: travel and tourism; spectator sports; museums; hotels, railways; and the performing arts, according to economist Michael Feroli of JPMorgan Chase.
"If we don't change the trajectory, we are certainly headed for a worse outcome than officials are indicating," Simon Johnson, the IMF's chief economist in 2008, says. "We've never experienced a shock like this."
When Wall Street opens Monday, analysts will be watching potential trouble spots such as leveraged loans, for any hint of trading bottlenecks.