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The US economy could contract by 14% in the July to September period, a JP Morgan economist said on Wednesday, according to the New York Times. 

That would be the steepest drop since the fourth quarter of 2008 when the economy shrank by 8.4%. 

The investment bank’s chief economist Michael Feroli expects the US economy to shrink by 1.5% in 2020 and sees jobless rate rising to 6.25% by the middle of the year from the current 50-year low of 3.5%. The unemployment rate, however, is seen falling back to 5.25% by the end of the year.