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Goldman Sachs cuts US economic growth forecast for Q3

19 Aug 2021 05:54 PM

Economists at Goldman Sachs lowered their estimate of US economic growth in the third quarter to 5.5% from 9% due to the effect of a delta variant but raised their forecasts for the fourth quarter and beyond.

The investment bank said the delta variant had a "fairly" larger-than-expected impact on growth and inflation due to its effect on consumer spending and production.

They also raised their estimate for the fourth quarter to 6.5% from 5.5%, with the expectation that virus fears will diminish, services sector recovery resume and stocks replenish. They also raised their forecasts for the first three quarters of 2022.

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