(CNN Business) The United States is already in a recession and will remain that way for the first half of the year, according to a survey of 45 economists.

The economists predict a sharp, short recession for the first half of 2020 as the coronavirus pandemic "severely restricts economic activity," the survey from the National Association for Business Economics found.

Economic growth likely fell at a rate of 2.4% in the first quarter, the NABE anticipates, and will decline a staggering 26.5% in the second quarter.

The US labor market will also take a major hit as the coronavirus outbreak shutters businesses. The NABE says the unemployment rate is expected to spike to 12% by midyear, while the United States may lose 4.58 million jobs in the second quarter.

That job loss will drag on spending, a major driver of the US economy. Consumer spending accounts for roughly 70% of economic growth.

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