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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.

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