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Goldman Sachs Slashes Forecasts

Video Credit: Wochit Business - Duration: 00:33s - Published
Goldman Sachs Slashes Forecasts

Goldman Sachs Slashes Forecasts

Gary Hershorn/Corbis via Getty Images Goldman Sachs now thinks second-quarter GDP will decline 39%, and increased its peak unemployment rate estimate to 25% from 15%, according to a note published Tuesday evening.

Following the first quarter GDP and April unemployment data release, Goldman now estimates that consumer services spending fell 20% from pre-virus levels in April, adding that alternative data suggests a collapse in transportation, hotel, and entertainment spending.

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John Lawson - CEO Goldman Sachs slashes forecasts, now sees GDP shrinking 39% this quarter and unemployment at 25% https://t.co/Fj3ZbPy5SR 2 days ago

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Oden Goldman Sachs slashes forecasts, now sees GDP shrinking 39% this quarter and #unemployment at 25% #US https://t.co/4OJjnMXyWV 1 week ago