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Economic outlook: Goldman revises Q2 GDP lower with unemployment jump - Business Insider

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Goldman Sachs slashes forecasts for next quarter, now sees 34% GDP contraction and 15% unemployment

The Reflecting Pool which has been drained for maintenance is seen in front of the Washington Monument in Washington, DC on March 26, 2020.US gross domestic product will shrink by 34% in the second quarter as the coronavirus fuels a worse-than-expected hit to the labor market, Goldman Sachs said Tuesday.sky-high jobless claims numbersUnemployment will quadruple to 15% by the second half of the year as layoffs continue, the team led by Jan Hatzius wrote.

The bank now expects second-quarter gross domestic product to contract by 34% compared to its previous expectation of a 24% slide. Unemployment will quadruple from February lows to hit 15% by the second half of 2020, the team led by Jan Hatzius wrote Tuesday. "This not only means deeper negatives in the very near term but also raises the specter of more adverse second-round effects on income and spending a bit further down the road," the team added.UBS outlines 3 major investing themes the coronavirus crisis is shaping today — and breaks down how they'll play out in the years to come

 

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