Unprecedented Decline in Economic Activity

Please note Goldman sees Unprecedented Stop in Economic Activity, with 2nd Quarter GDP Contracting 24%.

Key Points

Goldman Sachs economists forecast a historically sharp and swift recession, with second-quarter GDP sinking a stunning 24% after a 6% decline in the first quarter.

The economists had expected a decline of 5% in the second quarter, after a flat first quarter but they said social distancing measures have affected many sectors of the economy and will hit the first and second quarter hard.

The economists still expect a spring back in the third quarter, of 12%, but they see unemployment peaking at 9%.

9% of the US Has Been Laid Off Due to the Coronavirus