Economy

Goldman lowers economic outlook as U.S. copes with rising coronavirus cases

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Medical workers prepare to intubate a coronavirus disease (COVID-19) patient at the United Memorial Medical Center’s coronavirus disease (COVID-19) intensive care unit in Houston, Texas, U.S., June 29, 2020.

Callaghan O’Hare | Reuters

Rising coronavirus cases will limit growth in what will be an otherwise robust third-quarter rebound in the U.S., according to Goldman Sachs.

The bank’s economists now see third-quarter gross domestic product rising by 25% on an annualized basis. That’s down from the initial estimate of 33%, with the reduction due primarily to concerns that increasing virus cases in states such as Florida, Texas and Arizona will slow the pace of reopening.

“The sharp increase…



Source cnbc.com

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