A person wears a protective face mask while carrying grocery bags outside Trader Joe’s on August 11, 2020 in New York City.
Noam Galai | Getty Images
Goldman Sachs economists said they see third quarter GDP growth tracking at 35%, driven in large part by the surprising strength of consumer spending.
Goldman said its tracking forecast is now 14 percentage points ahead of the Wall Street consensus, and it sees the consumer contributing 12 points of that gap.
“Following the sharp rise in spending in late spring and early summer, the virus resurgence and the surprise fiscal tightening threatened a reversal. But spending instead rose strongly in July, and four high-frequency measures indicate a…