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The severe damage already evident in the U.S. labor market is a clear signal of the recessionary plunge in economic activity. We now forecast real U.S. GDP will contract over ?5% over the full year of 2020, with the deepest contraction in the second quarter - an estimated quarterly drop of nearly ?30% (annualized). The unemployment rate could temporarily reach close to 20%. The dire U.S. economic outlook has prompted monetary and fiscal policymakers to respond with massive support for struggling sectors and communities to help bridge the gap from hurting to healing, as we