Philadelphia's coronavirus testing site next to Citizens Bank Park. Photo: Tim Tai/The Philadelphia Inquirer via AP

The coronavirus downturn could cost 5 million or more U.S. jobs, with a loss in gross domestic product of $1.5 trillion, The Wall Street Journal reports.

Why it matters: "A recession is now all but certain," according to a Wall Street Journal survey of 34 economists, which projects a downturn that would last months at least, and would in some ways rival—and possibly even surpass—the severity of the 2007-09 slump triggered by the housing collapse and subprime loan debacle."

The context: "[T]he economy lost more than 8 million jobs in the recession that began in December 2007. The unemployment rate climbed from 4.4% in 2007 to a peak of 10% in 2009."

Illinois and New York state joined California yesterday in ordering all residents to stay in their homes unless they have vital reasons to go out, restricting the movement of more than 70 million Americans — roughly 1 in 5, AP reports.

  • The lockdowns encompass the three biggest cities in America — New York, Los Angeles and Chicago.

Go deeper: The coronavirus economic pain in the U.S. has begun

Go deeper

Updated 50 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging. Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. Education: The dangerous instability of school re-openings.
  4. World: Australian city to exit one of world's longest lockdowns — In photos: Coronavirus restrictions grow across Europe
  5. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure
  6. Nonprofit: Rockefeller Foundation commits $1 billion for COVID-19 recovery
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Bond investors see brighter days

Illustration: Sarah Grillo/Axios

U.S. government bonds could breakout further after yields on the benchmark 10-year Treasury note ticked up to their highest since early June last week.

But, but, but: Strategists say this move is about an improving outlook for economic growth rather than just inflation.

Erica Pandey, author of @Work
4 hours ago - Economy & Business

The dangerous instability of school re-openings

Illustration: Eniola Odetunde/Axios

Schools across the country have flip-flopped between in-person and remote learning — and that instability is taking a toll on students' ability to learn and their mental health.

The big picture: While companies were able to set long timelines for their return, schools — under immense political and social strain — had to rush to figure out how to reopen. The cobbled-together approach has hurt students, parents and teachers alike.