Goldman Sachs Cuts Growth Forecast For U.S.

Goldman Sachs Cuts Growth Forecast For U.S.

Goldman Sachs has cut its near-term growth forecasts for the United States.

Goldman Sachs based this on spiking COVID-19 cases and slowing economic activity.

US gross domestic product will grow 3.5% in the fourth quarter, down from the previous forecast of 4.5%.

According to Business Insider first-quarter 2021 growth estimate was also lowered to 1% from 3.5%.

Goldman Sachs said the winter drag should give way to a bigger rebound on the back of vaccine distribution.