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.
GS citing:
- 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"
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Last week from GS:
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?
