A lagging recovery in consumer spending has led economists at Goldman Sachs Group Inc. to cut their economic growth forecasts for the U.S. for 2021 and 2022.
In a to clients note Sunday, a Goldman GS,
The researchers cited “a longer-lasting virus drag on virus-sensitive consumer services spending” and expectations that the global supply of semiconductors will not improve until next year, along with a likely decrease in fiscal stimulus.
They also expect some spending on services and non-durable goods to remain below pre-pandemic levels into next year, especially if the shift to remote work reduces overall spending.
