A Sunday note via Goldman Sachs with cuts to their economic growth forecasts for the US this year and next:
- GS expect growth of 5.6% y.y for 2021 (prior estimate was 5.7%)
- 4% for 2022 (prior 4.4%)
Citing:
- we now expect a more delayed recovery in consumer spending
- longer-lasting virus drag on virus-sensitive consumer services spending
- supplies of semiconductor chips not improving until H2 2022
- this will postpone inventory restocking (hence less of this into the GDP number)
