JPMorgan's economists signaled even more significant economic ramifications from the COVID-19 pandemic than previously believed, predicting a 40 percent drop in the U.S.'s gross domestic product (GDP) and the country's unemployment rate rising to 20 percent.

“With these data in hand we think the April jobs report could indicate about 25 million jobs lost since the March survey week, and an unemployment rate around 20 percent,” they wrote, CNBC reported. “Given the expected hit to hours worked this quarter we now look for -40.0 percent annualized real GDP growth in 2Q, down from -25.0 percent previously.”