Goldman Sachs forecast for US GDP growth revised down
Goldman Sachs economists revised down their projection for economic growth in the US, to a contraction of 4.6% this year (from previous projection at -4.2%)
- Contraction this quarter
- bounce back on track from September
- expect the US economy to grow 25% in Q3 (prior forecast of 33% for the qarter)
- expect growth of 5.8% next year
Report published over the weekend.
- some states imposing fresh restrictions to counter the spread of coronavirus
- consumer spending likely to stall this month & next
- "A combination of tighter state restrictions and voluntary social distancing is already having a noticeable impact on economic activity"
Last week from GS:
- face mask mandate could potentially substitute for lockdowns that would otherwise subtract nearly 5% from GDP
Some of the US administration are getting this through their skulls, VP Pence for example is now advocating mask wearing. Trump has not yet done so but surely its only a matter of time before he stops sacrificing people's livelihoods on the alter of this stupid culture war?