The U.S. economy is set to contract by a worrisome -24% in the second quarter, according to Goldman Sachs economists.
With the Covid-19 outbreak, Goldman Sachs’ analysis is probably one of the most grimmest outlooks. The outlook represents the sharpest single-quarter decline in gross domestic product since the U.S. began reported GDP in its current form.
Goldman Sachs economists expect US unemployment to surge to 9% rate in the next couple of quarters, citing an apparent rise in job losses happening very quickly.