FXStreet reports that JP Morgan predicts that the U.S. economy would contract by a staggering 40% in the April to June period, forcing 25 million people out of job due to the worsening coronavirus outbreak. 

A few weeks ago, the investment bank had forecasted a 25% contraction in the second quarter. 

The U.S. has surpassed Italy as the country with the highest number of coronavirus deaths. The world's biggest economy has recorded than 21,000 fatalities, according to NBC news figures.