Goldman Sachs Sees 34% Contraction In Economy

“Goldman Sachs has significantly downgraded its outlook for the US economy between April and June. The investment bank now expects an annualized rate of contraction of 34% compared to the previous quarter. The last estimate was an already-shocking 24%,” CNN reports.

“Goldman revised its forecast because it thinks the US labor market collapse will be even worse than anticipated. It now sees the unemployment rate rising to 15% by the middle of the year, compared to 9% before.”