Analysts: COVID-19 economic impact on Montana worse than initially thought
BOZEMAN, Mont. — Experts are reporting Montana's economy will be worse than initially thought due to coronavirus.
Last month, researchers from the University of Montana predicted a dismal outlook for the state's economy going forward.
First quarter numbers on the U.S. economy recently came out, and they're not good.
Experts initially predicted a loss of about 50,000 jobs in the Treasure State this year; now that's up to 75,000.
They predicted personal income will be down by $4 billion; now that's up to over $6 billion.
"Those calculations clearly show that this is the most severe recession that most of us have ever experienced in our lifetime," said Patrick Barkey, the director of UM's Bureau of Business and Economic Research.
UM's researchers expected Montanans to bounce back by 2022; now they're saying it'll take longer.
They're also expecting dismal second quarter numbers.
