Goldman Sachs cuts US GDP estimate, now sees economy shrinking 4.6% in 2020
economists lowered their third-quarter US GDP growth forecast to 25% from 33% on Saturday, citing weak consumer services spending and the strong uptick in national coronavirus cases.
The downward revision is largely fueled by a slower-than-expected recovery in consumer spending. The recent resurgence in coronavirus cases has kept Americans from returning to restaurants, travel, and retailers. Stunted spending on key services will likely push a consumer comeback into September, the team said.
The manufacturing and construction industries have largely avoided such a halt and will continue their recovery, Goldman added. The firm maintained its projection for 8% growth in the fourth quarter.
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