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Goldman Cuts U.S. Growth Forecast as Consumer Sees ‘Harder Path’

Forecast for economic expansion in 2021 cut to 5.7% from 6% Delta variant, fading fiscal support see

Goldman Cuts U.S. Growth Forecast as Consumer Sees ‘Harder Path’

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Dem0171c
·2021-09-07
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Photographer: Juharat Pinyodoonyachet/Bloomberg</span></p>\n<p>Goldman Sachs Group Inc. economists revised down their forecast for growth in the U.S. economy this year, pointing to a “harder path” ahead for the American consumer than previously anticipated.</p>\n<p>Overall expansion in 2021 is now seen at 5.7%, economist Ronnie Walker wrote in a report to clients on Monday. That compares with an expectation of 6% published at the end of August.</p>\n<p>Walker said the weaker growth will follow through into more of a pickup in 2022. Goldman raised its forecast for that year to 4.6%, up from 4.5% previously.</p>\n<p>Explaining the downgrade for 2021, Walker wrote that American consumers are likely to spend less amid the Delta variant’s emergence, fading fiscal support and a switch from demand for goods to services. He added that supply-chain disruptions had hit inventory restocking too.</p>\n<p>“The hurdle for strong consumption growth going forward appears much higher: the Delta variant is already weighing on Q3 growth, and fading fiscal stimulus and a slower service- sector recovery will both be headwinds in the medium term,” said Walker.</p>\n<p>The bank also lifted its projection for the unemployment rate to 4.2% at end of 2021 from a prior estimate of 4.1%.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Cuts U.S. Growth Forecast as Consumer Sees ‘Harder Path’</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Cuts U.S. Growth Forecast as Consumer Sees ‘Harder Path’\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-07 08:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-09-06/goldman-cuts-u-s-growth-forecast-as-consumer-sees-harder-path><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Forecast for economic expansion in 2021 cut to 5.7% from 6%\nDelta variant, fading fiscal support seen weighing on consumer\n\nShoppers in the SoHo neighborhood of New York. Photographer: Juharat ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-09-06/goldman-cuts-u-s-growth-forecast-as-consumer-sees-harder-path\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.bloomberg.com/news/articles/2021-09-06/goldman-cuts-u-s-growth-forecast-as-consumer-sees-harder-path","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148819844","content_text":"Forecast for economic expansion in 2021 cut to 5.7% from 6%\nDelta variant, fading fiscal support seen weighing on consumer\n\nShoppers in the SoHo neighborhood of New York. 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