Finance

Economic run is not over and US ‘is not close to recession’

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Traders work on the floor at the New York Stock Exchange.

Brendan McDermid | Reuters

A slew of weak economic data last week fueled fears of a recession, but Goldman Sachs said Monday the U.S. is still not close to a downturn.

The double whammy of an accelerated slowdown in manufacturing and services sparked a deep sell-off in stocks last week. A key gauge of the U.S. manufacturing sector showed the in September, while the services sector grew . However, Goldman said the weakness in manufacturing may have bottomed.

“This downturn in manufacturing has been one of the longest on record and may start to stabilize, if not improve, somewhat soon,” Goldman chief global equity strategist Peter…



Source cnbc.com

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