Goldman Sachs upgrades Q3 US GDP forecast to 35% after stronger August jobs report
Goldman Sachs is predicting US Q3 GDP to be 35% due to a better than expected August jobs report.
"We upgraded our near-term growth forecasts based on the much stronger-than-expected August jobs report and the solid summer data more generally, and our forecast of 35% is now nearly 14 percentage points above consensus," Goldman said. August marked the fourth straight month of job additions, as the economy tries to bounce back from a coronavirus-induced recession.
"Spending instead rose strongly in July, and four high-frequency measures indicate a further 1-2% increase in real spending in August," Goldman said."We have therefore penciled in a +1.25% August increase in consumption in our GDP tracking, in contrast to the Atlanta Fed GDP Now model's statistical forecast of an outright decline.", leaving around 28 million Americans struggling to make ends meet., its largest drop since the 1940s as coronavirus ravaged the economy.
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