Goldman Sachs slashes Q2 US GDP estimate further

Goldman said it is now forecasting a real GDP quarter-over-quarter decline of 34 percent annualized for the second quarter, compared with its previous estimates for a 6 percent decline and a 24 percent drop.

March 31, 2020 / 09:23 PM IST

Goldman Sachs said on Tuesday that the US second quarter economic decline would be deeper than it had previously forecast and unemployment would be higher, citing anecdotal evidence and "sky-high jobless claims numbers."

Goldman said it is now forecasting a real GDP quarter-over-quarter decline of 34 percent annualized for the second quarter, compared with its previous estimates for a 6 percent decline and a 24 percent drop.

It sees the unemployment rate rising to 15 percent by mid-year compared with its previous expectation for 9 percent.

 
Reuters
first published: Mar 31, 2020 09:22 pm

stay updated

Get Daily News on your Browser
Sections