logo
Plus   Neg
Share
Email

Goldman Sachs Predicts US Economy To Contract More Than Expected

Analysts at Goldman Sachs on Monday cut the US economic growth forecast for this year to a contraction of 4.6 percent versus a 4.2 percent shrinkage predicted earlier.

"The healthy rebound in consumer services spending seen since mid-April now appears likely to stall in July and August as authorities impose further restrictions to contain the virus spread," analysts wrote in a note.

The investment bank expects the US economy to be back on track in September.

The bank continues to be optimistic of a strong rebound next year and left the growth forecast for 2021 unchanged at 5.8 percent.

For comments and feedback contact: editorial@rttnews.com

Economic News

What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.

Follow RTT